▲ President Yoon Suk Yeol speaks during an export strategy meeting with government and business officials at Seoul Startup Hub M+, a support body to promote the growth of startups, in Seoul's Gangseo Ward on June 1, 2023. (Yonhap)

Yoon-industry cluster

Yoon vows to expand support to foster industry clusters

By Lee Haye-ah

SEOUL, June 1 (Yonhap) -- President Yoon Suk Yeol vowed Thursday to expand government support to help foster cutting-edge industry clusters.

Yoon made the remark while presiding over an export strategy meeting with government and business officials at Seoul Startup Hub M+, a space supporting the growth of startups, in western Seoul.

"In order to ensure the successful operation of clusters, the government's job is to legislate a fair compensation system and make policy efforts to vitalize markets, while boldly lifting unreasonable regulations," he said.

Yoon recalled his visit to Boston in April, saying the city was able to become a biotechnology cluster thanks to a fair market order and compensation system that attracted top talents from across the engineering, medical, legal and financial fields.

He also noted the importance of international cooperation for fostering cutting-edge industry clusters, including the need to develop cooperation between Seoul National University Hospital, the Korea Advanced Institute of Science and Technology, and the Massachusetts Institute of Technology.

"We have to use the concept of an alliance now, not a partnership," he said. "The government has to take a deep interest in international cooperation systems between research institutions and invest in them."

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