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Acting president pledges to nurture 100 global venture firms by 2020

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Published : 2017-02-17 16:12
Updated : 2017-02-17 16:12

Acting President and Prime Minister Hwang Kyo-ahn on Friday pledged to nurture 100 global venture firms by 2020 as part of the government's efforts to promote startups, create jobs and revitalize the economy.

To achieve this goal, the government plans to provide "strategic, tailored" assistance, including legal counseling, to help venture firms prepare for their entry into foreign markets or expand their presence abroad.

Acting President and Prime Minister Hwang Kyo-ahn speaks during a meeting of ministers tasked with promoting startups at the central government complex in Seoul on Feb. 17, 2017. (Yonhap)

"Our government will seek a breakthrough in our efforts to revitalize the economy and create jobs through promoting startups."

Hwang said during a meeting with ministers tasked with promoting startups.

"We will strategically help outstanding venture firms and startups advance into overseas markets through a program to offer step-by-step, tailored support at each stage of the companies' growth," he added.

The acting president said that South Korea will install consultative panels to support startups in key regions of the world. The institutions will help attract investment, support corporate publicity efforts and provide legal advice on overseas business activities, he explained.

Hwang, in addition, said that the government will hold at least 50 startup contests in the first half of this year to stimulate entrepreneurship and creative thinking.

Also on the day, Hwang held a luncheon meeting with dozens of social welfare workers. During the gathering, Hwang stressed the need to make community welfare centers across the country more responsive to the needs of ordinary citizens. (Yonhap)