President Moon calls for additional support for start-ups

Carl Yang , Aug. 25, 2017, 10:28 a.m.

President Moon Jae-in called for additional support for small companies, including new start-up businesses Friday. The call came in a policy discussion session involving officials from the finance ministry, the Financial Services Commission (FSS) and the Fair Trade Commission (FTC) at the government complex in Sejong, located some 120 kilometers south of Seoul. "I am confident the FSS will play a great role in creating new jobs and realizing income-led growth through its financial measures," the president told the meeting.

Friday's meeting marked the third of its kind where the president and government officials held in-depth discussions on key government policies. The meetings will last until Thursday, involving a different group of government offices each day.

"I also ask for financial policy measures that will allow people not to fear and start a new business only with new ideas or technologies," the president said. Income-led growth is the new president's key economic policy, which he said will also mark a significant shift in the country's economic paradigm. The president praised the three key economic offices for what he called a great job.

"The three government offices were asked to do a very difficult task of fundamentally changing the economic paradigm while also having to revive our economy under very difficult conditions, but they are doing a great job," he said. He said the FTC was especially doing a good job of ensuring fair market practices while minimizing any adverse impact on the market.

"I am sure the FTC will create a fair market economy where small and medium-sized enterprises will no longer suffer from a forced reduction in prices or inappropriate use of their own technologies by larger firms," the president added.

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