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Acting president vows to promote venture startups

All News 17:52 January 12, 2017

SEOUL, Jan. 12 (Yonhap) -- Acting President and Prime Minister Hwang Kyo-ahn on Thursday vowed to promote venture startups as part of a concerted effort to shore up the economy suffering from weak exports, flaccid domestic consumption and other challenges.

During a meeting of top policymakers on startups, Hwang said the government aims to create a record 3.5 trillion won (US$2.54 billion) fund to support new businesses and seek to invest 2.3 trillion won of the fund into venture companies.

"The government will focus its capabilities on helping all economic players, including young aspiring entrepreneurs, easily open startups and sustain their growth over the long haul," the acting president said during the meeting.

"We will find ways to revive the economy and create jobs by tiding over current economic challenges and finding future growth drivers," he added.

It is the first time that Hwang has presided over the meeting on promoting venture firms since he took over as the acting president on Dec. 9 after President Park Geun-hye was impeached over allegations of corruption scandal.

The meeting was attended by the ministers of ICT, science and future planning, culture and agriculture, and other top policymakers.


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