Venture Business Association: "30 Association-Proposed Policies Reflected in National Agenda"

30 Key Policy Proposals by the Korea Venture Business Association
Included in the Government’s Five-Year National Policy Plan
Foundation Laid for a Global Venture Powerhouse

The Korea Venture Business Association announced on September 3 that 30 key policy tasks proposed by the association were included in the government’s recently announced ‘Five-Year National Policy Plan’ last month.

The association has maintained close consultations with relevant ministries and the National Assembly, ensuring that the voices of the industry have been reflected in policies from the presidential election period through to the launch of the new administration.

The tasks reflected this time include strengthening the startup ecosystem, introducing artificial intelligence (AI) technology and fostering innovative growth, shifting the paradigm of venture investment, expanding innovative finance, attracting top talent, and regulatory innovation. Many of these core policies aimed at improving the growth and investment environment for venture companies have been incorporated into the government’s operational agenda.

In particular, to create a 40 trillion won annual venture investment market as announced by the government, the association’s proposals have been adopted in the policy, including: expanding the budget for the Korea Fund of Funds, introducing the Business Development Company (BDC) system, permitting venture investment by pension funds such as retirement pensions, and revitalizing the exit market through KOSDAQ and secondary funds. These measures have established a foundation for invigorating the venture investment ecosystem.

Additionally, the association’s emphasized new industry innovation tasks have also been included in the policy, such as expanding AI legislation by industry, supplementing special zones and regulatory sandboxes, and nurturing domain-specific AX startups.

The association stated, “This outcome reflects the government’s philosophy of transforming the core of Korea’s economy into innovative venture companies,” adding, “We will work closely with the government for the successful implementation of the national policy plan and do our utmost to achieve an innovative economy led by venture companies and balanced growth where everyone prospers.”