South Korea Aims to Foster AI-Driven Startup Ecosystem
Quick Look
- South Korea's government, led by President Lee Jae Myung, plans to create a startup-friendly environment centered on AI and advanced technologies.
- Prime Minister Kim Min-seok emphasized supporting SMEs to drive economic growth and foster coexistence with large conglomerates.
AI-generated summary
Why It Matters
South Korea's economy is heavily reliant on SMEs, which constitute 99% of all companies. The government aims to foster growth by supporting startups and integrating AI technologies.
SEOUL, May 19 (Yonhap) -- The government of President Lee Jae Myung aims to make South Korea a better place to start businesses based on artificial intelligence (AI) and other cutting-edge technologies, Prime Minister Kim Min-seok said Tuesday, promising to build a society where anyone can start a business as long as they have ideas.
Kim made the remarks at an annual convention for small and medium-sized enterprises (SMEs), stressing what is more important than anything else for South Korea's economy is to help SMEs play a role and grow, so that smaller firms and conglomerates prosper together and the benefits of their growth are shared by the people.
"The Lee Jae Myung government will build a startup-centered society based on AI and cutting-edge technologies. We will strengthen the platform that enables anyone to start a business anywhere as long as they have ideas," Kim said, promising deregulation and other support measures.
Kim also said the government will help accelerate the transition to AI by spreading AI technologies to SMEs from conglomerates, while establishing a "coexistence value chain" between SMEs and conglomerates so that the fruits of conglomerates' exports lead to an increase in sales at SMEs.
"Out of all the companies in South Korea, 99 percent are SMEs. Only when they grow can the constitution of South Korea's economy change and the Republic of Korea leap forward," Kim said, referring to the country by its official name.
Open Questions
- What specific deregulation measures will be implemented?
- What are the concrete support measures for startups?
- How will the 'coexistence value chain' be established and monitored?
- What is the timeline for these initiatives?
