President Lee Jae-myung asks Silicon Valley VCs to invest in Korean startups

President Lee Jaemyung met with representatives of Silicon Valley venture capital firms in San Francisco on the 25th (local time) and requested investment in and cooperation with Korean companies and startups. President Lee said that the KoreaU.S. relationship should expand beyond a security alliance into a technology, innovation, and startup alliance, emphasizing that if America's investment capabilities are combined with Korea's technological prowess and manufacturing competitiveness, new global companies could emerge. He also said he would make Korea a more favorable environment for investment and entrepreneurship, and announced plans to improve the visa system so that overseas entrepreneurial talent can enter more easily, as well as to expand the foundation for cooperation among domestic and foreign companies, research institutions, and investment organizations. The event that day was attended by representatives from six VC firms, including Andreessen Horowitz and Sequoia Capital, as well as the National Pension Service, and the two sides signed a memorandum of understanding (MOU) on startup investment cooperation.