President Lee Proposes 'Startup Alliance' with U.S., Vows Visa Reform

South Korean President Lee Jae-myung is actively seeking to deepen technological and innovation ties with the United States, proposing the formation of a "startup alliance" during his visit to Silicon Valley. Speaking at a venture capital meetup co-hosted with the National Pension Service in San Francisco on July 25 (local time), Lee emphasized the need to expand cooperation beyond the existing security alliance to encompass technology, innovation, and startups.

"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," Lee stated. The event brought together representatives from prominent global venture capital firms, including Andreessen Horowitz, Sequoia Capital, and General Catalyst, aiming to facilitate overseas expansion for Korean startups and attract global VC investment into South Korea.

Lee highlighted South Korea's strengths, such as rapid execution, manufacturing capabilities, advanced digital infrastructure, skilled talent, and cultural competitiveness, positioning the country as a unique hub for innovation offering new growth opportunities. He pledged that the South Korean government would create the world's most favorable environment for investment and entrepreneurship to translate these possibilities into tangible results.

Furthermore, the president outlined plans to reform visa systems that hinder the inflow of foreign startup talent and to expand collaborative platforms connecting domestic and international companies, research institutions, and investment bodies. He also detailed strategies for organically linking government funds like the Mother Fund and National Growth Fund with pension funds and private capital. This integrated approach aims to provide comprehensive support for promising startups, enabling them to grow into global enterprises beyond the initial startup phase, covering investment, finance, and overseas market entry.

Concluding his remarks, Lee proposed an expanded partnership centered on technology and innovation. He noted that while the U.S. possesses world-class venture capital capabilities and global networks, South Korea offers outstanding technological prowess, manufacturing competitiveness, and a dynamic startup ecosystem. "If the strengths of both countries are combined, we can jointly create the next generation of Samsung, Hyundai, SK, Naver, and new global innovative companies that will lead the world," he asserted.