President Yoon Suk Yeol explained his administration's changing policy on research and development at a meeting with Koreans working in Silicon Valley while in San Francisco for the Asia-Pacific Economic Cooperation Summit.

During the discussions on Wednesday, Yoon said Seoul is in the process of changing its R&D policy to allow future generations of researchers to take on an innovative challenge that propels the country to the global forefront without concern for failure.

The president said Seoul will seek to expand opportunities for cooperation in global research with world-leading researchers and lift restrictions on the participation of overseas researchers in the government's R&D initiatives.

Pledging support for young researchers of Korean descent around the world, regardless of their nationality, Yoon said he will also actively support South Korean startups to take on challenges and realize their dreams on the international stage.

Noting that 37-point-six percent of South Korean startups enter North America, about half of which end up in Silicon Valley, the president promised to set up a portal to keep tabs on state support for 13 institutions operating a center in the Valley.