The Next Destination for Startup Globalization is the 'Middle East'... Lee Young Says "Going to Grab Oil Money"

Press Conference Held in New York, USA on the 20th
Hanmi Joint Fund and Oracle Also Join Support
Next Year Focuses on 'Investment'... Utilizing Oil Money

Lee Young, Minister of SMEs and Startups (second from the left), is holding a meeting with reporters in New York, USA, on the 20th (local time).

[New York=Asia Economy Reporter Kim Bo-kyung] "We have to go get the oil money."

Lee Young, Minister of SMEs and Startups, who rolled up his sleeves for the globalization of K-startups, has set his next destination after the United States as the "Middle East." He expressed his intention to enter the Middle East region around the first quarter of next year to attract investment funds using oil money.

Minister Lee Young held a meeting with the press corps on the 20th (local time) in New York, USA, and announced this plan. He is visiting the United States to support domestic startups and SMEs in entering overseas markets, including the "Korea-US Startup Summit."

The minister said, "The next trip will be to the Middle East. The details of the items are not yet concrete, but we will start a preliminary survey in October," adding, "The countries have been organized, and the timing will vary slightly depending on how the stage is set." He revealed a plan to make a preliminary visit to the Middle East in November to coordinate the schedule and then head to the Middle East with both public and private sectors around the first quarter of next year.

The Ministry of SMEs and Startups held a large-scale event over two days starting today at Pier 17 in New York to introduce Korean startups to American venture capital (VC) and build networking between the two countries.

A center for investing in and nurturing domestic startups will be built on a joint campus that New York University is establishing together with KAIST, and the two countries will create a fund worth $215 million (about 300 billion KRW). Oracle, a major US IT company, agreed to collaborate with the Korean government to jointly nurture domestic startups, achieving the intended results.

Minister Lee plans to continue the policy direction of expanding the startup ecosystem overseas. He showed an active attitude by asking reporters, "Where would you like the next trip after the Middle East to be?"

The connections made with Korean companies in Silicon Valley and New York University through this US schedule will continue to be used to broaden the base of K-startups.

Minister Lee said, "Unicorns that have succeeded in the US will create a network that mentors early-stage Korean startups, thereby reducing failures and passing on accumulated experience and know-how." He added, "In the future, when the government goes to Arab countries, we are also considering ways to bring not only companies in Korea but also Korean companies in Silicon Valley along."