(Unofficial Translation)

Honorable ASEAN leaders, startup CEOs and entrepreneurs, I welcome you all to Busan, the Korean-ASEAN gateway that links a continent and an ocean. 

It’s a pleasure to host today’s ASEAN-ROK Startup Summit, which is specially honored by the presence of all the leaders of the 10 ASEAN member states as well as by key Korean and ASEAN innovators.

ASEAN is youthful and dynamic. Sixty percent of the population is 35 years old or under, and the annual economic growth rate stands at 5 percent.

The region is also passionate about innovation and business startups. People who come into the market later nimbly catch up through innovation at the business development phase that the early starters experienced. Leapfrogging is a common occurrence in ASEAN.

Professor Philip Kotler, a world-renowned marketing authority, has asserted that ASEAN is an ideal region for the Fourth Industrial Revolution. His assessment is based on the self-confidence and potential that he has seen in ASEAN. 

The Korean economy is also in transition, from a system centered on large businesses to one in which innovative small- and medium-sized enterprises and startups play a greater role. New industries are now being cultivated so that Korea can transform from a fast-follower economy into a pace-setting economy.

Startups, as the slogan for this event says, are the way to energize the future of Korea and ASEAN. This can be achieved through our cooperation. Let’s start up new businesses together and become global economic leaders.  

Heads of state and government and entrepreneurial innovators,

Believing that ASEAN’s advancement is tantamount to Korea’s advancement, I have been promoting the New Southern Policy. I have visited all 10 ASEAN member states since taking office two years ago. Throughout the region, I have witnessed innovation, opportunity, and hope.

Revolution Precrafted, a unicorn startup in the Philippines, has developed technology innovations for modular homes. The company has managed to turn its more-advanced form of prefabricated home into a global business. Its innovations have created a paradigm shift in housing. 

Gojek CEO Nadiem Makarim saw problems with Indonesia’s motorcycle taxi services, known as Ojek, and turned them into a business opportunity. Gojek has grown as an on-demand multi-service platform, becoming Indonesia’s first unicorn startup and then going on to become a “decacorn.” The company has completely changed everyday life in Indonesia. 

Grab, a unicorn startup based in Singapore, developed the O2O service platform that integrates on and offline networks to make life easier for people. New jobs have been created by energizing the sharing economy, and small business operators have increased their revenues through Grab.

In Cambodia, BookMeBus brought a sharing economy-based digital platform to the transportation services market, allowing small operators to attract more customers.

Startups represent innovation in themselves, and they share opportunities and hope for everyone. Korea will walk together with ASEAN countries on the startup path they are taking.

The Korean Government has put a high priority on establishing “a nation of innovative startups.” We have stepped up our efforts for cultivating startups while promoting a strategy for creating a “second venture boom,” and a vision for innovation financing.

The number of newly established companies in Korea topped 100,000 for the first time last year. The number of unicorn startups has also risen from two in 2016 to 10 this year, ranking Korea sixth in the world. The innovation mood continues to spread.

Innovation has no national boundaries. In the Fourth Industrial Revolution era of convergence, boundaries are meaningless. Policy concerning startups is important at the national level, but now such policy requires international cooperation as well.

As you just saw in the hologram performance, 11 countries – Korea and the 10 ASEAN member states – must form a single startup ecosystem for unicorns to romp unfettered. 

I applaud the vision of the Malaysian Global Innovation and Creativity Centre and Brunei’s Darussalam Enterprise (DARe).

We will share wisdom and knowhow with initiatives such as Innovative Startup Ecosystem to 2025 in Vietnam, 2020 Go Digital Vision in Indonesia, Thailand 4.0, ICT Master-plan in Cambodia, Smart Nation Strategy in Singapore, Sustainable Development Plan in Myanmar, Vision 2040 in the Philippines, and National Socio-economic Development Plan in Laos.  

ASEAN leaders, startup CEOs, and entrepreneurs, 

The startup partnerships agreed upon between Korea and ASEAN are very encouraging.

The ASEAN-ROK Startup EXPO, ComeUp 2019, held in conjunction with the ASEAN-ROK Commemorative Summit, will be made into an annual event to provide a venue for startup representatives to get together. A roadmap for startups over the mid- to long term will be jointly established so that venture capitalists can learn more about government policies and other information concerning startups. A network will be created for their joint investments.

A ministers’ meeting for Korea-ASEAN startups will be formed, and a cooperative mechanism will be established to support it. 

Today’s Startup Summit is where we are first announcing cooperation and solidarity among startups from Korea and ASEAN member states.

Special guests have come to mark this very important day. They are the CEOs of 40 ASEAN startups looking to enter the Korean market and participating in the incubation program. They are key players for ushering in Korea-ASEAN cooperation and ecosystems for startups.    

I look forward to inviting many of them who grow into unicorn startups to be speakers at the 2024 ASEAN-ROK Startup Summit.
 
Soon, we will open the ASEAN-ROK Innovative Growth Showcase. Here you can experience the “Innovation Venue” created jointly by startups from Korea and ASEAN member countries.   

On this occasion, I look forward to ASEAN and Korean startups working together within a single ecosystem and leading efforts for “Prosperity for All” over the next three decades. I also expect ASEAN leaders will pool their strength in this regard.

Let’s all start up powerfully together!

Thank you.