Source: Government of the Republic of Korea
Distinguished representatives of leading global venture capital firms,
It is a great pleasure to be here in Silicon Valley, the global center of innovation and venture investment. You have all played instrumental roles in building world-leading businesses, and it is a pleasure to discuss with you the future of Korean startups and ways for Korea and the United States to strengthen their cooperation in innovation.
The number of foreign entrepreneurs launching startups in Korea has more than doubled over the past three years, underscoring Korea’s emergence as a hub for open innovation where talented individuals and businesses from around the world can come together to pursue new opportunities.
Korea’s competitiveness extends far beyond just technology. It rests on the ability to deliver fast execution, a world-class manufacturing base, advanced digital infrastructure, exceptional talent and the resilience of our people, who have repeatedly turned crises into opportunities.
Beyond this, I am convinced that Korea’s cultural competitiveness – its power to reach global audiences – makes it an irreplaceable hub of innovation that can offer global investors new opportunities for growth.
The government of the Republic of Korea will translate this potential into tangible results by fostering one of the world’s most attractive environments for investment and entrepreneurship.
We will boldly reform the visa policies that hinder the inflow of entrepreneurial talent from around the world, while further strengthening cooperative platforms that connect businesses, research institutes and investment institutions at home and abroad.
We will also seamlessly integrate the Korea Fund of Funds, the National Growth Fund, pension funds and private capital, providing comprehensive support for investment, financing and global market entry so that promising startups can grow to become global companies.
Distinguished global investors,
Venture capital is far more than a source of funding. It is a driver of innovation, drawing attention to the potential of new technologies and helping startups acquire strategies and networks needed to succeed on the global stage.
When Korea’s promising startups are able to benefit from your global investment expertise, investors will gain new opportunities for growth, while our startups will secure the foundation they need to compete and thrive in global markets. I believe that this represents the most successful model of innovation – one that involves reciprocal growth between investors and businesses.
The Republic of Korea and the United States must now broaden their cooperation, moving beyond a long-standing security alliance to form a close partnership in technology, innovation and startups.
The United States has world-class venture investment capabilities and global networks, while the Republic of Korea possesses excellent technological prowess, manufacturing competitiveness and a dynamic startup ecosystem. By combining our two nations’ strengths, we will be able to create the next generation of companies like Samsung, Hyundai, SK and NAVER, as well as innovative, world-leading new businesses.
When Korean startups gain access to U.S. capital and markets, and when American investors and innovative businesses tap in to Korea’s technology, manufacturing capabilities and human resource ecosystems, our two nations will become partners in innovation, shaping the next thirty years together.
I hope that today’s gathering will help promising Korean startups and global investors unlock new growth together. I also invite you to join us as reliable partners of an “irreplaceable Korea,” so that talented individuals, technology and capital from around the world can converge in Korea to create growth opportunities over the next thirty years.
Thank you.