Venture Business Association "Welcomes Appointment of Kwon Chil-seung as Minister of SMEs and Startups"

[Asia Economy Reporter Kim Cheol-hyun] The venture industry welcomed the appointment of Kwon Chil-seung as Minister of SMEs and Startups and expressed expectations for the creation of a "Korean-style innovative venture ecosystem."

The Korea Venture Business Association stated in a commentary on the 5th, "The new minister is expected to closely examine the management issues of the venture industry, which has been in crisis due to COVID-19, and actively and swiftly promote essential preconditions such as regulatory reforms in new industries and scale-up strategies, dedicating efforts to laying the foundation for South Korea to leap forward as a global venture powerhouse."

The association added, "In particular, we hope that the efforts for coexistence between the innovative venture ecosystem and the large corporation ecosystem, which were promoted by the previous minister, will continue and develop, creating a 'Korean-style innovative venture ecosystem' where venture companies and large corporations cooperate and integrate on an equal footing."

Furthermore, the venture industry stated, "We will actively cooperate with the new Minister of SMEs and Startups to lead the Fourth Industrial Revolution and drive innovative growth, making proactive efforts for South Korea's economic growth and job creation."