Korea to create global startup hubs to enhance industry ecosystem

President Yoon Suk Yeol announces at the Startup Korea strategy meeting on Aug. 30. [Photo by Yonhap]

The South Korean government will establish startup centers across the world to support local ventures wishing to expand overseas and to bolster foreign entrepreneurship in the domestic market.

The government also plans to create a 2 trillion-won ($1.5 billion) fund aimed at supporting startups, particularly those in the fields of deep tech, global expansion, and secondary transactions.

The new initiatives are part of the government’s roadmap designed to enhance the country’s overall startup ecosystem, which was unveiled by the Ministry of SMEs and Startups on Wednesday.

During the meeting, President Yoon Suk Yeol emphasized a broader perspective in terms of targeting and approaching global markets, suggesting a shift in the startup policy approach.

“Now we need to move away from relying solely on domestic markets and a mere increase in the number of entrepreneurs, often propelled by direct government support,” he said.

Under the plan, global startup centers will be established for Korean ventures and startups worldwide in partnership with major corporations. The centers will offer customized startup strategies tailored to individual markets, including the U.S., Middle East, Japan, and France, through collaborative efforts between the public and private sectors.

The government will also facilitate venture investments in the private sector and introduce new forms of support. Both the government and the private sector will make joint investments to create the Startup Korea Fund, with a total capitalization of 2 trillion won by 2027.