New Administration's Policy Planning Committee: "A 40 Trillion Won Venture Investment Market Must Be Created"

Ministry of SMEs and Startups Briefing
Four Key Policy Tasks:
Recovery and Growth of Small Business Owners,
Global Startup and Venture Ecosystem,
Becoming a Manufacturing Innovation Powerhouse,
Fairness and Win-Win Cooperation

Yonhap News

The National Policy Planning Committee, which serves as the transition team for the Lee Jaemyung administration, stated at a Ministry of SMEs and Startups briefing held in Sejong City on June 18 that "a venture investment market worth 40 trillion won must be created."

To achieve this, the committee announced plans to review the expansion of the Korea Fund of Funds, the fostering of artificial intelligence (AI) startups, the advancement of regional startup ecosystems, the spread of AI-driven manufacturing innovation, the enhancement of research and development support, and the expansion of win-win cooperation between large corporations and SMEs as key national policy tasks.

Lee Choonseok, head of the Economic Division 2 of the National Policy Planning Committee, said, "It is important to establish a structure in which the fruits of growth are distributed fairly to small business owners and SMEs." He added, "We must prepare special financial support measures, such as debt adjustment, to support companies that have suffered from technology theft and unfair trade practices, and to ease the burdens on small business owners."

In response, the Ministry of SMEs and Startups stated, "Amid a complex crisis including sluggish domestic demand and high interest rates, we will support the revitalization of small business owners by alleviating their financial and managerial burdens, and by establishing an integrated system for recovery support, covering everything from debt adjustment to business closure and reemployment."