Venture Companies Speak in Unison on 'Globalization'… Lee Young Says "Turn Your Gaze Beyond Borders"

Ministry of SMEs and Startups to Announce 'Startup Korea Promotion Strategy' Plan

Lee Young, Minister of SMEs and Startups, emphasized the ‘globalization’ of venture companies.

On the 23rd, Minister Lee attended the ‘Venture Summer Forum’ held in Jeonju, Jeonbuk, stating, “We have turned our gaze beyond borders,” and added, “To become a digital economy powerhouse by advancing beyond the physical Earth to the cyber Earth, we must go global unconditionally.”

Minister Lee Young of the Ministry of SMEs and Startups (center, back row) is attending the 2023 Venture Summer Forum held at Lahan Hotel in Jeonju, Jeonbuk on the 23rd, posing for a commemorative photo with officials.
[Photo by Ministry of SMEs and Startups]

Minister Lee continued, “I recently went to Saudi Arabia, and although the oil money era is ending, they need digital economy partners to maintain their current vested interests,” adding, “I received tremendous hospitality.”

He further said, “It was difficult to knock on the door of the United Arab Emirates (UAE), but with changes happening in Saudi Arabia, the UAE Minister of Economy also made investment-related proposals,” and “Many venture capitalists (VCs) and major investors from Saudi Arabia and the UAE will visit South Korea in large numbers.”

The financial system for venture companies will be aligned with global standards. Minister Lee emphasized, “When people in the U.S. invest seed money in Singapore, it takes 3 to 4 days, but in Korea, it drags on for about two months and then they give up,” adding, “Investment-related finance must reach a global level so that various funds can cross borders and come into South Korea.”

Support will be provided not only for domestic companies’ overseas expansion but also for foreigners’ startups in Korea. At the end of this month, a ‘Startup Korea Promotion Strategy’ containing these details is planned to be announced.

Seong Sang-yeop, Chairman of the Korea Venture Business Association, also advocated for the ‘globalization’ of venture companies. Chairman Seong said, “Venture companies have yet to break away from the domestic market, which is still at about 1% of the global gross domestic product (GDP), so globalization is an essential issue to solve for the quantitative and qualitative growth of domestic venture companies.”

The Venture Summer Forum is one of the largest events in the venture industry and is being held in Jeonju, Jeonbuk, from today until the 25th. Co-hosted with the Jeonbuk branch of the Korea Venture Business Association, the forum was attended by about 260 people, including venture company representatives and executives, government ministry officials, and related agency personnel.

This forum is conducted as a program centered on the themes of ‘Money,’ ‘Tech,’ ‘Global,’ and ‘Local,’ sharing various information and experiences necessary for establishing management strategies.

Chairman Seong said, “I firmly believe that the meeting and exchange between senior and junior venture entrepreneurs will be a new start where ‘the cheers of venture entrepreneurs challenging again will spread from Jeonju to the world.’”

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