Creative economy panel gets started

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Creative economy panel gets started

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Participants in the first meeting of the Public-Private Council on Creative Economy include Minister of Strategy and Finance Hyun Oh-seok, third from right; Choi Mun-kee, minister of science, ICT and future planning, second from right; GS Group Chairman Huh Chang-soo, third from left; and Doosan Group Chairman Park Yong-maan, right. [NEWS1]

The government will set up a 4 trillion won ($3.8 billion) fund by 2017 and reform regulations to create a business environment that is friendly to start-ups.

“We will produce success stories from start-ups,” said Hyun Oh-seok, finance minister and deputy prime minister for economy.

Hyun made his remarks yesterday at the first meeting of the Public-Private Council for Creative Economy. The council includes eight ministers and eight members of the private sector and will attempt to agree on specific measures to support start-ups.

Hyun explained that the government will improve policies in every phase of the business life cycle to achieve a dynamic environment that empowers entrepreneurs to rebound from failures and try again.

He pointed out that the Finance Ministry and related authorities prepared measures to support start-ups last year, such as tax exemptions and loans, but that they didn’t produce enough tangible results.

The council therefore decided to concentrate a larger portion of the government’s R&D budget on small and midsize companies, from 13.6 percent in 2012 to 18 percent in 2016.

The council also decided to institute innovation centers in 17 cities and provinces to ease communication among entrepreneurs and mentors.

Hyun said the Financial Services Commission will work to accelerate reforms by simplifying financial support policies for tech ventures, especially involving technology assessment. Hyun also said the FSC will make the assessment process more efficient by directly fostering talent that specializes in tech evaluation, ultimately aiming to invigorate financial support to more start-ups.

BY KIM JI-YOON [jiyoon.kim@joongang.co.kr]

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