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Venture Minister Vows to Strengthen Global Competitiveness of Startups

According to Yonhap News,

(SEOUL=Yonhap News) South Korea's venture minister said Friday that the government is committed to expanding support for smaller companies to help them expand overseas, as it moves to boost innovative growth and tackle the high youth unemployment rate in the country.

"We are taking steps to strengthen the export capacity of small and medium-sized enterprises (SMEs) as part of a broader national goal, and also seeking to raise the support for the overseas push of smaller firms and large corporations," Minister of SMEs and Startups Hong Jong-haak said.

The remarks were made during his meeting with entrepreneurs from venture startups in Seoul to discuss ways to vitalize their overseas business.

"The government will continue efforts to create a second venture boom for innovative growth, just as South Korea became a leader in the information technology (IT) sector during growth posted in the 2000s," Hong said.

The venture capital market in Asia's fourth-largest economy has been in the doldrums since the IT boom ended in the mid-2000s.

South Korea's government has been seeking to nurture venture companies and startups, a part of its policy to support smaller businesses and reduce the youth unemployment rate.

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Source: Yonhap News (Apr. 20, 2018)

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