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Finance minister promises easier environment for startups to promote innovative growth

Finance Minister Kim Dong-yeon pledged Friday to remove barriers and regulatory blocks so that entrepreneurs can easily start their own business and lead the country's innovative growth.

Visiting the Tech Incubator Program for Startup Town in southern Seoul, Kim said he intends to double the TIPS-related budget for next year and establish more than 70 "Creative Labs."

Innovative growth is one of the four pillar policies of the Moon Jae-in administration that took office in mid-May. TIPS Town was launched in July 2015 to serve as a hub in promoting technological startups with private and state investments. Private companies choose promising entrepreneurs that will get the investments.

(Yonhap)
(Yonhap)

"(The government) will eliminate regulations and entry barriers so that anyone can easily open his or her own business and provide financial assistance and a sales network," Kim said. "If the job-centered economy and income-induced growth are demand-side policies, innovative growth would be the supply-side policy. A harmony of the two would enable sustainable growth of South Korea's economy."

Kim, who doubles as deputy prime minister for economic affairs, visited startups that have set up office at TIPS Town and held talks with financial companies and venture capitalists.

"The visit was arranged to show that the government will find answers for a transformation into an innovative growth economy that is innovative and dynamic by encouraging startups," a ministry official said. "Minister Kim candidly exchanged views and listened to recommendations on present conditions for startups and on future improvements." Finance Minister Kim Dong-yeon pledged Friday to remove barriers and regulatory blocks so that entrepreneurs can easily start their own business and lead the country's innovative growth.

Visiting the Tech Incubator Program for Startup Town in southern Seoul, Kim said he intends to double the TIPS-related budget for next year and establish more than 70 "Creative Labs."

Innovative growth is one of the four pillar policies of the Moon Jae-in administration that took office in mid-May. TIPS Town was launched in July 2015 to serve as a hub in promoting technological startups with private and state investments. Private companies choose promising entrepreneurs that will get the investments.

"(The government) will eliminate regulations and entry barriers so that anyone can easily open his or her own business and provide financial assistance and a sales network," Kim said. "If the job-centered economy and income-induced growth are demand-side policies, innovative growth would be the supply-side policy. A harmony of the two would enable sustainable growth of South Korea's economy."

Kim, who doubles as deputy prime minister for economic affairs, visited startups that have set up office at TIPS Town and held talks with financial companies and venture capitalists.

"The visit was arranged to show that the government will find answers for a transformation into an innovative growth economy that is innovative and dynamic by encouraging startups," a ministry official said. "Minister Kim candidly exchanged views and listened to recommendations on present conditions for startups and on future improvements." (Yonhap)

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