Deputy Prime Minister Chu: "Improving Venture Investment Regulations and Expanding Tax Support... Fostering 'Global Unicorn Companies'"

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho (sixth from the left) is taking a commemorative photo with Kang Ji-hoon, Executive Vice President of the Korea Venture Business Association, Kim Boon-hee, President of the Korea Women Venture Association, and Ji Sung-bae, President of the Korea Venture Capital Association, before a meeting of venture companies held at the Pangyo 2nd Techno Valley Corporate Support Hub in Seongnam-si, Gyeonggi-do on the morning of June 3, 2022. Photo by Yonhap News.

[Asia Economy Sejong=Reporter Son Seon-hee] On the 3rd, Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho stated, "We will devise various measures to expand private venture investment, such as improving regulations related to the formation of venture investment associations and expanding tax support," adding, "We will focus on revitalizing the recovery market, including follow-up investments, mergers and acquisitions (M&A), and initial public offerings (IPO), which face many difficulties in the market."

On the same day, Deputy Prime Minister Choo visited the Startup Zone at Pangyo 2nd Techno Valley in Gyeonggi Province and held a meeting with related industries, saying, "We will support the establishment of a virtuous cycle system for private-led venture investment." He added, "We will diversify venture investment funding methods such as complex financing and continue to expand stable management conditions like multiple voting rights." The meeting was organized to convey the new government's commitment to revitalizing venture companies and to listen to the difficulties and suggestions from related industries.

Deputy Prime Minister Choo emphasized the importance of venture companies, stating, "In the current situation where the global economic structure is rapidly changing due to digitalization and greening, the future national competitiveness will depend on how excellently venture companies seize new markets."

He said, "We will create an environment for the rapid scale-up of venture companies," adding, "We will eliminate unnecessary regulations that restrict entry into new markets and discover and focus support on leading companies in new industries such as 'super-gap startups'." He also stated, "We will transform universities into cradles of startups and expand open innovation by spreading corporate venture capital linked with large and medium-sized enterprises."

Through these efforts, he said, "We will actively nurture 'global unicorn companies' that grow beyond the domestic market into the global market," adding, "To enable our venture companies to actively enter the global market, we will expand overseas local startup infrastructure and intensively nurture world-class companies by discovering them through the Global Unicorn Project and linking with global venture capital."

The meeting was attended by the chairman of the Venture Capital Association, the chairwoman of the Women Venture Association, and others.

This content was produced with the assistance of AI translation services.