South Korea’s government wants to reduce the country’s dependence on a small number of huge companies by promoting innovative small businesses –with help from Sweden. A massive 80 per cent of South Korea’s GDP comes from the country’s ten largest companies, according to Seoul National University.
During a conference for investors in Seoul in November, Sweden was highlighted time after time as a role model. Earlier this year South Korea’s President Jae-in Moon opened a start-up centre in Stockholm with the aim of increasing cooperation with Swedish innovation companies, but also learning from the Swedish start-up model.
“Sweden and the Nordic countries have good programmes for supporting young people to start companies. That is what Korea also wants to do. We need a start-up boom,” says Dae-jin Jung, head of international investment policy at South Korea’s Ministry of Trade.
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