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Moon presents S. Korea's 'venture powerhouse' vision, vows full gov't support

All News 15:13 August 26, 2021

SEOUL, Aug. 26 (Yonhap) -- President Moon Jae-in said Thursday the government will provide complete support for South Korea's high-tech startups and entrepreneurial ventures as the country aims to emerge as one of the world's four major venture powerhouses.

He pledged to expand support for investments in venture firms via the creation of a special fund worth 1 trillion won (US$850 million), speaking during a Cheong Wa Dae event, titled "K+Venture (K Add Venture)."

The government will make sure South Korea joins the top four of the world's venture powers through full support -- from business launch, growth, recovery to re-challenge, Moon said.

President Moon Jae-in speaks during the "K+Venture" event at Cheong Wa Dae in Seoul on Aug. 26, 2021, on the government's push to foster the venture industry. (Yonhap)

"Support for venture investment will further increase," he added. "The government will also create a new fund worth 1 trillion won in order to expand the high-risk early stage of investment in startups."

He stressed the need to foster technology startups and the inflow of talented manpower and capital, as well as invigorate the M&A market.

"The government will raise the number of technology startups (in South Korea), currently totaling around 230,000 a year, to 300,000 by 2024," he said.

The president expressed optimism, saying South Korea is already riding on the second "venture boom" in the wake of the first one in the early 2000s.

lcd@yna.co.kr
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