President Moon says Korea can surpass Japan economically

President Moon says Korea can surpass Japan economically


July 26, 2019

Global Korean Post


By Min Yea-Ji and Lee Jihae

President Moon Jae-in on July 22 said Korea can surpass Japan economically through venture capitalism.

In a meeting of his senior secretaries at Cheong Wa Dae, he said, “We have surpassed Japan’s absolute advantages in household appliances, electronic devices, semiconductors, shipbuilding and many other industries one by one,” adding, “We can do it.”

“I’m sure the people are worried over Japan’s export curbs in addition to the global economic downturn,” the president said. “In addition to trying to solve this diplomatically, the government is also meticulously devising both short-term and fundamental solutions.”

“Venture capitalism using high technology could resolve the threat to our economy and free trade,” he said. “Our economy depends on investment in innovative ventures and the fast growth of venture capitalism.”

With venture investments expanding and the number of unicorn companies, or private startups valued at over USD 1 billion, jumping threefold within a year, President Moon said these phenomena reflect the dynamics of the Korean economy and the country’s passion for and determination to pursue new technology and industries.

“We’re trying to foster the development of innovative startups in new materials as well as further innovation of existing material startups,” he said. “We hope that more unicorn companies, small yet strong, emerge in this field.”

President Moon also emphasized the need to stimulate domestic tourism to offset lackluster exports, citing tour packages geared for Korean nationals and those based on Hallyu and cultural heritage spots recognized by UNESCO. “If more people travel domestically, it will help the economy,” he said


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