Martial Arts and Venture·Startup Industry Meeting for Development... Unified Call for 'Regulatory Relaxation'

The Korea International Trade Association held an 'On-site Meeting with the Venture and Startup Community' on the 17th at COEX in Samseong-dong, Seoul.

[Asia Economy Reporter Park Sun-mi] The Korea International Trade Association held an 'On-site Meeting with the Venture and Startup Sector' on the 17th at COEX in Samseong-dong, Seoul.

At the meeting, about 10 people including Prime Minister Han Duck-soo, KITA Chairman Koo Ja-yeol, Korea Development Bank Chairman Kang Seok-hoon, Minister of SMEs and Startups Lee Young, as well as representatives from related government agencies, attended. Among them were Lee Sung-won, CEO of WellsCare, Park Jae-seung, co-founder of VisualCamp, and Go San, CEO of A-Team Ventures, who shared opinions on the development of the venture and startup sector.

Industry representatives requested support for ▲ easing licensing regulations on innovative products and new materials, ▲ easing data utilization regulations and improving related systems, and ▲ introducing manufacturing platforms.

KITA Chairman Koo Ja-yeol said, “Startups with innovative technologies and creative business models are often in a gray area of existing legal systems,” adding, “This phenomenon occurs because the speed of private innovation is not matched by legislation and administration, so more bold and proactive administration is necessary.”

He continued, “The association has established a ‘Regulatory Innovation Task Force’ to continuously communicate the difficulties faced by the venture and startup sector to the government and strive to reflect them in effective policies.”

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