President Moon vows support for new, innovative businesses

SEOUL, Jan. 3 (Yonhap) — President Moon Jae-in promised additional support for new and innovative businesses Thursday, calling them a way to create more jobs and ensure future growth.

“From the very start of this government, we named building a nation of new businesses as a key policy objective of the Moon Jae-in government. New, innovative businesses are a way to move forward the country’s economy,” the president said.

The call came during his visit to a makerspace, a collaborative workplace for people and businesses seeking to create new products.

“They say the economy is bad right now, but we have greater concerns for the future. We must have more new, innovative businesses to create more jobs and revitalize our economy,” he said.

The president said the government seeks to create a 10 trillion won (US$8.87 billion) investment fund for new startups by 2020.

The government also wants to increase the number of makerspaces to 350 by 2022 from the current 65, he added.

“The largest obstacle to starting a new business may be the fear of failure. We will make failure something that need not be feared,” the president said, noting the government plans to reduce the debts of 80,000 businesspeople by 2021.

“I see a hope for our economy in our efforts to turn your innovative ideas into a new business,” Moon said.

“Your challenge and success is the future of our economy.”