The startup ministry will also provide collaboration opportunities with global venture capital firms starting with the Korea-U.S. startup event this month. To attract skilled workers from overseas to Korea, a special visa program will also be established. The ministry announced the support package, called the K-Startup Global Entry Strategy, at an emergency economic ministers' meeting presided over by Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho.

Minister of SMEs and Startups Lee Young said the support program is designed to help more Korean companies do business overseas so that they can advance into bigger markets and develop expertise, than rather just doing business in the limited domestic market. "With the global competition intensifying to preoccupy the digital economy, many global unicorn companies are emerging and many advanced countries are actively supporting global startups," Lee said during the meeting at the Government Complex Sejong. If the unicorn companies remain in the domestic market that has a limited market size, social friction with traditional industries will inevitably increase. The globalization of innovative startups here is an inevitable choice." The minister said the support program made together with nine global companies including Google and Airbus will help 270 local startups go abroad starting in 2023.

Startups will also be able to utilize global networks and infrastructure that larger domestic companies have established in their overseas markets. The Global Unicorn Project, an accelerator program, will also be launched next year so that startups looking to expand overseas can receive counseling from private consulting firms to establish strategies necessary for globalization as well as support for attracting funds and setting up networks. The ComeUp event, a business fair for local startups, will be operated by a private agency with expertise to make it one of the five largest global startup events.

"Startups will play a key role in making the country a leader in the global digital economy. Starting with the Korea-U.S. startup event in September, the Ministry of SMEs and Startups will try its best to help more companies with great products and excellent technologies actively expand to overseas markets," the minister said.