Seoul is vowing to foster the startup movement, which it sees as the key to job creation and boosting the sluggish economy.
At a ministerial meeting to lay out a concrete roadmap for executing that initiative, Prime Minister Hwang Kyo-ahn pledged to help create the right conditions for startups to flourish.
"We will set up an environment where anyone with an idea can launch their own business, and raise awareness among the public so they can participate in the initiative."
To reach its goal of fostering 100 global startups over the next three years, Seoul will hold startup contests every week and will provide the winners with funding and support.
Seoul will also host a national pavilion at large international exhibitions, like the annual Consumer Electronics Show and the Mobile World Congress, to showcase the startups.
"The government will strategically support startups seeking to expand overseas with customized plans for each stage, from preparation to market entry and expansion."
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The government will also launch councils across the world that will offer support services catering to the region's specific needs.
Song Ji-sun, Arirang News.