National Growth Fund National Briefing Held on September 10
President Lee: "Major Overhaul of Support System, Large-Scale Long-Term Investments in Key Industries"
A 'War Without Gunfire' Around the Globe... President Lee: "Revitalize the Venture Eco
On September 10, President Lee Jaemyung announced plans to expand the National Growth Fund from the original 100 trillion won to 150 trillion won, an increase of 50 trillion won. He stated, "I am confident that the National Growth Fund will breathe new life into our stagnant industries and serve as a cornerstone for building the future of Korea." In particular, President Lee revealed that the support system would be drastically restructured to enable large-scale, long-term investments in the key industries and projects that have led Korea's economy.
On this day, President Lee held the 'National Growth Fund Public Briefing and Discussion' at Front1 in Mapo, Seoul, together with participants from the industrial sector, startup and venture industry, and the financial sector, listening to a range of voices from the field. This is part of President Lee's recent efforts to accelerate the search for new growth engines, including visits to K-manufacturing sites, as he seeks to develop and support Korea's major advanced strategic industries such as artificial intelligence (AI), robotics, biotechnology, semiconductors, defense, and aerospace.
President Lee compared the current economic situation in Korea to the College Scholastic Ability Test, emphasizing that it represents an opportunity for a new leap forward. He said, "There is talk of so-called 'difficult' or 'easy' exams, and when the test is extremely hard, people worry a lot, but in reality, there is no need to worry much. It's not just difficult for me," adding, "In the end, the outcome depends on who has prepared and studied the most in advance. I believe the conditions of competition are always the same."
President Lee continued, "Except for a few countries, the situation faced by most nations is the same," stressing, "For Korea to take off again, it is time for us to turn crisis into opportunity, to take on challenges and achieve. To do this, we must mobilize all our capabilities, and national unity-bringing together all our strengths-is truly essential." He also noted that major countries such as the United States and China are engaged in a "war without gunfire," expanding massive national investments in advanced strategic industries.
He went on to announce plans to revitalize the venture ecosystem so that the growth of venture companies and innovative technologies can become Korea's future growth engines. President Lee stated, "It is true that we have focused national resources on the growth of large corporations and catching up with advanced economies, which has left us somewhat lacking in nurturing innovative venture companies. From now on, we must further support successful companies to do even better, and create an ecosystem where even those who fail can recover. Only then will Korea have a future."
Recognizing that it is difficult for venture companies to survive alone in the market, President Lee also pledged to use public funds as a catalyst to attract private capital. He said, "To foster advanced industries and revitalize the venture ecosystem, which will drive our economic resurgence, the financial sector must move away from the current pawnshop-style business of lending against collateral and collecting interest. We need a major shift toward productive finance," adding, "We will create an environment where funds are not concentrated in easy interest income or real estate investment, but can also focus on venture investment and innovation investment."
Attendees at the public briefing included SK Group Chairman Chey Tae-won, Celltrion Chairman Seo Jungjin, Samsung Electronics President Park Seunghee, FuriosaAI CEO Baek Junho, LG Uplus Executive Vice President Kwon Yonghyun, Hyundai Motor Company Executive Vice President Kim Dongwook, SKT Executive Vice President Lee Jongmin, and newly appointed Korea Development Bank President Park Sangjin. Shin Dongshik, Chairman of Korea Maritime Technology, was also present.
From the government, Deputy Prime Minister and Minister of Economy and Finance Koo Yooncheol, Minister of Science and ICT Bae Kyunghoon, Minister of Trade, Industry and Energy Kim Jungkwan, Minister of SMEs and Startups Han Seongsook, Minister of Oceans and Fisheries Jeon Jaesoo, Chairman of the Committee for Balanced National Development Kim Kyungsoo, Vice Chairman of the Financial Services Commission Kwon Daeyoung, and Governor of the Financial Supervisory Service Lee Chanjin attended. From the Presidential Office, Policy Chief Kim Yongbeom, Chief Secretary for Economic Growth Ha Junkyung, Chief Secretary for AI Future Planning Ha Jungwoo, and Fiscal Planning Advisor Ryu Deokhyun were also present.
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