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🇰🇷 South Korea /Economy & Trade

President Lee Courts Silicon Valley VCs, Promising Investment-Friendly Environment

From Hankyoreh · () Korean

Translated from Korean, summarized and contextualized by DistantNews.

At a glance

News Named sources Context piece
  • South Korean President Lee Jae-myung is actively seeking investment from Silicon Valley venture capitalists (VCs) to foster startups and global expansion.
  • Lee highlighted South Korea's technological prowess and dynamic startup ecosystem, aiming to combine it with the U.S.'s venture capital expertise and networks.
  • The government plans to improve visa systems for foreign talent, enhance collaboration platforms, and strategically link various funds to support startups from inception to global growth.

South Korean President Lee Jae-myung is making a strong pitch to Silicon Valley venture capitalists, urging them to invest in the nation's promising startups. During a meeting in San Francisco, Lee emphasized the synergistic potential of combining South Korea's advanced technology and vibrant entrepreneurial spirit with the U.S.'s world-class venture capital capabilities and extensive global networks.

When South Korea's promising startups meet your global investment capabilities, investors will find new growth opportunities, and our startups will gain a foothold to leap into the world market.

— President Lee Jae-myungAddressing Silicon Valley venture capitalists about the potential for collaboration.

"When South Korea's promising startups meet your global investment capabilities, investors will find new growth opportunities, and our startups will gain a foothold to leap into the world market," Lee stated. He envisioned a future where the fusion of Korean innovation and American capital could create the next generation of global leaders, drawing parallels to established Korean conglomerates like Samsung and Hyundai.

The United States has world-class venture capital capabilities and global networks, and South Korea has outstanding technological prowess, manufacturing competitiveness, and a dynamic startup ecosystem.

— President Lee Jae-myungHighlighting the complementary strengths of South Korea and the U.S. for investment.

To facilitate this vision, President Lee pledged to create an environment highly conducive to investment and entrepreneurship in South Korea. This includes a significant overhaul of visa regulations that currently hinder the inflow of overseas startup talent. Furthermore, the government intends to bolster collaborative infrastructure connecting domestic and international companies, research institutions, and investment firms.

If the strengths of both countries are combined, we can create the next generation of Samsung and Hyundai, SK, Naver, and new global innovative companies that will lead the world.

— President Lee Jae-myungExpressing optimism about future joint ventures and innovation.

The administration also plans a strategic financial approach, linking public funds like the Mother Fund and National Growth Fund with pension funds and private capital. This integrated financial support system aims to guide promising startups beyond their initial stages, enabling them to mature into global enterprises through comprehensive assistance in investment, finance, and international market entry.

When Korean startups meet American capital and markets, and when American investors and innovative companies connect with South Korea's technology, manufacturing, and talent ecosystem, both countries will become partners in innovation for the next 30 years.

— President Lee Jae-myungDefining the long-term vision for bilateral cooperation.
DistantNews Editorial

Originally published by Hankyoreh in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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