Democratic Party(DP) presidential candidate Lee Jae-myung pledged to expand the state budget for venture investments to ten trillion won by 2027 and encourage the launch of 300-thousand startups a year in new technology and industry.

The plan is part of Lee's seven campaign pledges announced on Wednesday to support small to mid-sized enterprises(SMEs) and startups.

The candidate called for greater balance between conglomerates and SMEs, an economic structure where SMEs are robust, increased support for SME digital transition, and bold investments into startups.

Lee promised to set up a one-trillion-won fund for startups, and provide tax support for mergers and acquisitions to help foster their growth.

Through regulatory sandbox and regulation-free zones, the candidate envisioned opening an era of 100 unicorn startups, which refers to a startup with a value of over one billion dollars.

Lee pledged a one-trillion-won fund for SME research and development to help accelerate the digital transition, while requiring conglomerates to pay fair price for SME products to induce a win-win in the market.