Moon Pledges to Cultivate Innovative Ecosystem for Startups, New Industries

Write : 2017-10-11 16:47:01 Update : 2017-10-11 19:36:56

Moon Pledges to Cultivate Innovative Ecosystem for Startups, New Industries

President Moon Jae-in said on Wednesday that the government will cultivate an innovative business ecosystem that will help turn South Korea into a hub for startups and new industries.

Moon announced the plan during the inaugural meeting of the presidential committee on fourth Industrial Revolution held at S Flex Center in Sangam-dong in western Seoul. 

Moon also promised the introduction of the regulatory sandbox to allow businesses to test their innovative business ideas without regulation for a certain period as well as the strengthening of financial assistance for startups and more stringent oversight of unfair trade practices.

Moon said the government will increase its investment in artificial intelligence(AI), the Internet of Things(IoT) and Big Data, calling them the foundation for the fourth Industrial Revolution.

He said the government will also foster leading industries in the fourth Industrial Revolution, such as autonomous vehicles, smart factories and drone industries, while vowing to raise the competitiveness of local manufacturing industries through advanced technologies.  

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