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🇰🇷 South Korea /Technology

President Lee meets Silicon Valley venture capitalists to foster next Korean tech giants

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 met with top venture capitalists in Silicon Valley to discuss investment in Korean startups.
  • The meeting aimed to foster the next generation of Korean tech giants, drawing parallels to the growth of companies like Apple and Google.
  • Korean government agencies have been building VC networks in Silicon Valley for years, culminating in this significant engagement.

South Korean President Lee Jae-myung met with leading venture capitalists in Silicon Valley, a move described by a presidential aide as a commitment to nurturing the next wave of Korean tech giants. The gathering, held in San Francisco, brought together representatives from six prominent venture capital firms, including Andreessen Horowitz, General Catalyst, and Sequoia Capital.

This is a moment of resolve to nurture the next generation of our big tech companies, like Samsung and SK.

— Kim Yong-beomPresidential policy chief Kim Yong-beom described the meeting with Silicon Valley venture capitalists.

Presidential policy chief Kim Yong-beom highlighted the significance of the meeting, stating it was an opportunity to discuss investments in Korean startups. He noted that these venture capitalists have a history of backing global tech leaders like Apple, Nvidia, and Google. The presence of firms like Andreessen Horowitz, which recently opened a Korean office, signals a growing interest in South Korea's tech ecosystem.

We met with big tech yesterday, and today we met the 'kingmakers' who created big tech.

— Kim Yong-beomPresidential policy chief Kim Yong-beom commented on the significance of meeting with venture capitalists who have a history of backing major tech companies.

Kim emphasized that South Korea, no longer a developing nation, cannot rely on government-led economic development plans for its future large corporations. Instead, he pointed to the Silicon Valley model where startups grow through venture capital funding to compete on a global scale. He expressed optimism that the current meeting would sow seeds for future growth, citing successful past investments in Korean companies like Musinsa as a precedent.

Their insight was at the starting point of most of the big tech that now moves the world. And that insight is now turning towards Korea.

— Kim Yong-beomPresidential policy chief Kim Yong-beom highlighted the venture capitalists' track record and their growing interest in South Korea.

The engagement was presented as the culmination of long-standing efforts by Korean entities, including the National Pension Service and the Ministry of SMEs and Startups, to build relationships within the Silicon Valley venture capital network.

The next generation of our large companies cannot grow under government economic development plans, as Korea is no longer a developing country.

— Kim Yong-beomPresidential policy chief Kim Yong-beom explained the shift in strategy for fostering future Korean corporations.
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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