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government will support projects

Bytomasian

Sep 8, 2022

The government will actively promote growth support projects for promising domestic startups as global unicorns, promote the inflow of global talent through visa-related policy support, and strengthen the manufacturing base for expanding domestic investment by overseas investors.

At the emergency economic ministers’ meeting presided over by Deputy Prime Minister for Economic Affairs and Minister of Strategy and Finance Choo Kyung-ho at the Sejong Government Complex on the 8th, they discussed the four key tasks of the warm budget for the socially disadvantaged.

“Although the appearance of our venture start-up ecosystem is gradually expanding due to the rapid increase in technology start-up venture investment, it is true that most venture start-ups are competing for domestic demand,” Deputy Prime Minister Choo said. “Now, we will implement a global venture and start-up ecosystem based on excellent technology.”

Regarding the K-Startup Global Entry Strategy, the government diagnosed that global startups were centered on the digital economy, with 7 out of 10 global market capitalization companies starting from startups. Although unicorn companies are increasing in Korea, 83% of them are digital platforms centered on domestic demand, so the government believes that it is time to actively respond to the global market to overcome it and preoccupy the global digital economy.

The government has set a goal of fostering 10 global unicorn companies with more than 25% of overseas sales by 2027 and achieving 50,000 K-start-ups overseas. Through this, the plan is to implement a global start-up and venture ecosystem that leads the digital economy.

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