Seoul: President Lee Jae Myung announced that South Korea and the United States should broaden their cooperation beyond the traditional military alliance to include technology, innovation, and startups. This statement was made during a meeting with venture capitalists in San Francisco, as Lee traveled through the city on his way to a three-nation tour of South America, starting with Brazil.
According to Yonhap News Agency, the meeting was attended by key figures from six Silicon Valley venture capital firms, such as Martin Casado from Andreessen Horowitz, Alfred Lin of Sequoia Capital, and Hemant Taneja of General Catalyst. President Lee emphasized that integrating the U.S.'s venture capital expertise and extensive global networks with South Korea's advanced technological capabilities and manufacturing strengths could foster the emergence of new global innovators. He cited the potential for creating companies that could rival the global impact of South Korean giants like Samsung Electronics and SK hynix.
Lee highlighted that the convergence of South Korean startups with U.S. capital and markets, along with the connection of U.S. investors and innovators with South Korea's technology and talent ecosystem, could position both nations as leaders in innovation over the next few decades. He called for partnerships and investments from the U.S. venture capital sector, pledging to create an optimal environment for investment and startup growth.
He outlined plans to reform the visa system to attract foreign startup talent more effectively and proposed creating a cooperative framework that links companies, research institutes, and investors both domestically and internationally. Lee assured that by merging South Korea's budding startups with global investment capabilities, investors would find new growth opportunities, describing this approach as the "most successful innovation model." He also committed to supporting startups in becoming global players by connecting them with both private and government-managed funds.