President Lee Calls to Turn S. Korea into 'Startup Incubator' and Fundamentally Shift Growth Model

President Lee Jae-myung emphasized that a fundamental shift in the country's growth model is necessary for South Korea's economy to move beyond quantitative expansion and achieve a qualitative leap forward.

Presiding over a meeting with senior presidential secretaries and aides at Cheong Wa Dae today (November 5), which also marks "Small Business Day," President Lee said, "For the South Korean economy to move beyond quantitative expansion and achieve a qualitative leap forward, a fundamental shift in our growth model is necessary," adding, "South Korea must become a giant startup incubator and move toward an 'era of national entrepreneurship' where all citizens become the main drivers of growth."

He pointed out, "With the advancement of artificial intelligence and robotics, the employment structure is undergoing rapid restructuring," noting, "The existing system, in which quantitative growth created jobs and drove social advancement, has reached its limits."

He continued, "Of course, national efforts to expand jobs must continue, but under the current circumstances where economic growth does not necessarily lead to employment, a transition to an entrepreneurial society where diverse economic players directly create new markets is essential," stressing, "We must pool national capabilities into curriculum improvements, expanded financial support, and regulatory innovation required for this."

He also added, "We need to build a system where anyone with good ideas and technology can freely take on the challenge of starting a business, and try again anytime even if they fail," emphasizing, "A multi-layered support system spanning finance, technology, and market channel development must be established so that promising startups can grow and advance into global enterprises."

(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.