President Moon Jae-in has held a meeting with leaders of the nation's first generation venture firms and successful startup businesses.
He stressed the need for new innovative companies to build an inclusive and innovative country.
"We need to create an environment that encourages new startup businesses so that firms like these can become unicorn companies and even large conglomerates."
A unicorn company refers to a startup with a valuation of about 8-hundred-90 million U.S. dollars.
According to the top office, the objective of the President meeting with the leaders of the first generation venture firms and unicorn businesses... was to promote in-depth dialogue to examine the government's policies and achievements to create a startup-friendly environment.
Cheong Wa Dae also said the South Korean leader will continue to focus on the country's economy.
Moon is set to invite the heads of local governments to the presidential office on Friday and will travel to Busan next week, as part of his tour of local economies.
He will also hold a meeting with self-employed people.
