South Korean President Lee Jae-myung stated on July 25 (local time) that Korea and the United States will become innovation partners shaping the next 30 years when Korean startups meet American capital and markets, and when US investors and innovative companies connect with Korea's technology, manufacturing, and talent ecosystem. Speaking at a Silicon Valley venture capital summit in San Francisco, President Lee expressed hope that the event would serve as a starting point for Korean startups and global investors to open new growth opportunities together. Korea has grown from the ruins of war into a manufacturing, digital, and cultural powerhouse recognized worldwide, with entrepreneurial spirit of challenge and innovation always at its center, the president noted.
Government Pledges Investment Environment Reforms and Funding Support
President Lee announced that the Korean government will create the world's best environment for investment and entrepreneurship to turn potential into tangible results. The administration will boldly reform visa systems that block the inflow of overseas startup talent and expand collaboration infrastructure connecting domestic and foreign companies, research institutions, and investment organizations, according to the president's remarks.
The government will organically link maternal funds, national growth funds, pension funds, and private capital to provide comprehensive support for investment, financing, and overseas market entry, ensuring promising startups can grow into global companies rather than remaining at the startup stage, Lee stated.
![President Lee Jae-myung speaks at Silicon Valley venture investment meetup in San Francisco on July 25 (local time)]()
President Lee Jae-myung speaks at Silicon Valley venture investment meetup in San Francisco on July 25 (local time). Photo: Yonhap News
Korea-US Alliance Expands Beyond Security to Technology and Startups
President Lee stated that Korea and the United States must broaden their cooperation beyond the longstanding security alliance to technology alliance, innovation alliance, and startup alliance. The United States possesses world-class venture investment capabilities and global networks, while Korea has outstanding technological prowess, manufacturing competitiveness, and a dynamic startup ecosystem, the president assessed.
Korea's competitiveness lies not only in technology but also in fast execution, world-class manufacturing infrastructure, digital infrastructure, excellent talent, and the people's ability to turn crises into opportunities, Lee emphasized. Korea, equipped with cultural competitiveness to expand into global markets, is an irreplaceable innovation hub that can provide new growth opportunities to global investors, the president asserted.
If the strengths of both countries combine, they can together create the next generation's Samsung, Hyundai, SK, Naver, and new global innovation companies that will lead the world, Lee added.
Venture Capital Defined as Innovation Partners Beyond Funding
President Lee characterized venture capital not as merely supplying funds but as innovation partners that discover technological possibilities and connect strategies and networks to help startups leap into the global market. When Korea's promising startups meet global investment capabilities, investors will gain new growth opportunities and Korean startups will secure a foothold to jump into the world market, the president stated.
FAQ
What did President Lee Jae-myung announce at the Silicon Valley VC summit on July 25?
President Lee announced government plans to reform visa systems blocking overseas startup talent, expand collaboration infrastructure, and organically link maternal funds, national growth funds, pension funds, and private capital to provide comprehensive support for Korean startups' global expansion.
Why does President Lee believe Korea is an attractive investment destination for global venture capital?
According to President Lee's remarks, Korea combines fast execution, world-class manufacturing infrastructure, digital infrastructure, excellent talent, cultural competitiveness for global market expansion, and the ability to turn crises into opportunities, making it an irreplaceable innovation hub for global investors.
