Seoul:<Text>
The government plans to designate 10 cities as major hubs for startup ecosystems by next year, aiming to promote balanced regional growth and create more jobs for young people, the finance ministry announced on Friday. This strategic move seeks to decentralize the startup infrastructure, which is predominantly concentrated in Seoul, to other regions experiencing population outflow due to industrial limitations.
According to Yonhap News Agency, the Ministry of Finance and Economy will initially select four cities-Daejeon, Daegu, Gwangju, and Ulsan-that are home to major science institutes to become startup hubs this year. By next year, the government intends to identify six additional cities outside the greater Seoul area with similar potential. This initiative is part of a broader effort to enhance South Korea's global standing in startup ecosystem competitiveness, where it currently ranks 20th.
Despite significant investment in research and deve lopment and active patent applications, South Korea only has three cities among the top 500 global startup cities, as per data from StartupBlink. In contrast, the United States boasts 137 cities on the list, followed by Britain with 34, Germany with 27, China with 26, and Japan with six.
The government's initiative aims to elevate five South Korean cities to the top 100 global startup list by 2030. To achieve this, the plan includes transforming these cities into educational hubs for young entrepreneurs and fostering specialized industries. For instance, Daegu is set to become a robotics startup hub, Gwangju will focus on artificial intelligence and smart energy, and Ulsan will specialize in future mobility.
Furthermore, the government will develop a comprehensive support package to facilitate the creation and growth of startups in these regions, which will include research and development, investment, and networking support, alongside regulatory streamlining. The finance m inistry also aims to bolster rural economies by helping them leverage regional resources in culture and tourism, and offering advantages to companies outside the Seoul metropolitan area in public procurement bids.
<P/></Text>