Yoon stresses private sector-led startup ecosystem

Aug 31, 2023, 10:36 am

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President Yoon Suk-yeol enters a Startup Korea Strategy Meeting held at Cheong Wa Dae in Seoul on Aug. 30, 2023./ Source: Yonhap News

AsiaToday reporter Hong Sun-mi

President Yoon Suk-yeol said Wednesday that the “startup ecosystem” should be boldly changed from one that is government-led to one that is led by the private sector.

Yoon made the remarks while presiding over a Startup Korea Strategy Meeting at Cheong Wa Dae.

“The government will provide active support so that young people who are making attempts at innovation can freely launch businesses and step out into the global market,” he said. “We should stop relying on domestic consumption or a quantitative increase in business founders helped by government subsidies.”

The president suggested that the private sector should lead investment and grow its own ecosystem while the government contributes to private funds and expands tax benefits. “In strategic areas, such as deep tech, the government will help by establishing a Startup Korea Fund worth 2 trillion won (US$1.5 billion) together with large businesses and the financial sector,” he said.

Yoon also stressed the entry of domestic startups into the global market. “If our startups are satisfied with the domestic market, they will not be able to access the global market and innovate.”

He added that they will abolish unnecessary regulations that hinder the growth of startups and innovation.

“We should take over the global market and have a will to grow the market with them,” he said. “We must build a world-class startup infrastructure and grow into a global startup hub.”

The meeting was attended by some 100 officials from startups, venture firms, related associations, and the government.

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