South Korea’s biggest startup festival event Comeup 2022 kicked off in Seoul on Wednesday, with SMEs and Startups Minister Lee Young stressing regulatory reform and globalization as the two keywords for the nation’s startup ecosystem.

“Regulations that are limiting potential of innovative startups are those that have been implemented during the industrial period. We will be bold in loosening such regulations to help startups open up their wings,” said the minister during a fireside chat with SoCar CEO Park Jae-wook.

“The next step is globalization of our startups. That is the next round that we should jump into in order to expand our playground,” she added.

Lee, who served as CEO of a local security solutions venture Teruten for almost 10 years, reiterated that she is willing to remove hurdles she faced when running the company herself by cooperating closely with startups.

The SoCar CEO, who joined the chat to represent the startup industry, urged the ministry to embrace and support startups that are facing difficulties in getting funding due to the global economic recession, suggesting to provide them with diverse funding and support programs.

Lee introduced four strategies to spur investment into the startup ecosystem.

“First is expanding funding for venture capital’s investment in startups to 8 trillion won ($5.6 billion). Second is expanding government-led venture funds of funds. Third is creating joint venture funds with foreign global companies. And fourth is supporting startups until they are able to attain investment from venture capitals and become unicorns. We will announce a financial support policy at the end of this year that involves aid worth 50 trillion won,” she said..

More than 250 entrepreneurs from 19 different countries are expected to attend the annual event being held at Dongdaemun Design Plaza in central Seoul from Wednesday to Friday.

This year, Comeup provides networking and business matching among 80 domestic and global startups and reverse business pitching sessions from 20 large companies to startups.