By Lee Haye-ah
SEOUL, Aug. 30 (Yonhap) — President Yoon Suk Yeol vowed Wednesday to support South Korea’s growth into a worldwide startup center by giving the private sector a greater role in the running of the startup environment.
Yoon made the promise while presiding over a Startup Korea Strategy Meeting with around 110 representatives from startups, venture firms, related associations, and the government.
“We must build a world-class startup infrastructure and become a global startup hub,” he said during the gathering at the former presidential compound of Cheong Wa Dae, noting the government is pursuing a dual strategy of promoting exports and fostering startups to achieve economic growth.
“The government will offer active support so that our young people who are innovating can freely start businesses and enter the global market,” he said.
Yoon noted the necessity to boldly modify the “startup ecosystem” from one that is government-led to one that is led by the private sector, saying the country should stop relying on domestic consumption or a quantitative increase in business founders aided by government subsidies.
He also proposed that the private sector should lead investment while the government contributes to private funds and enlarges tax benefits.
“In strategic areas, such as deep tech, the government will help by creating a Startup Korea Fund worth 2 trillion won (US$1.5 billion) together with large businesses and the financial sector,” he said.
President Yoon Suk Yeol (front) speaks during a Startup Korea Strategy Meeting at the former presidential compound of Cheong Wa Dae in Seoul on Aug. 30, 2023. (Yonhap)
hague@yna.co.kr
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