SME and Startup Minister Lee Young said, “I am outlining a blueprint to induce massive oil capital into investments in domestic startups” at a press conference following the “Korea-US Startup Summit” held in New York on the 20th (now local), he said.
Minister Lee said: “After the Middle East created a 7 trillion won fund using oil money, it recently expanded alternative investments such as venture investments.) We are planning an event to attract investment from the Middle East.”
At this New York event, Minister Lee is known for securing a human network to attract Korean startup investments from rich countries in the Middle East. Minister Lee introduced Chandrika Tandon, a director of New York University, whom he met that day, and said, “In business, interaction with people is important and Ms. Tandon has a large human network in rich countries. of the Middle East “. She is expected to help attract investments from oil money in the future by showing a reaction ”.
There is also the possibility of collaborating with New York University. Minister Lee said: “We visited New York University and met with New York University President Andrew Hamilton and shared our vision for the Middle East market by discussing ways to cooperate to support Korean startups.” He continued: “President Hamilton explained the importance of the Middle East market and suggested working together to open the infrastructure of New York University.”
Minister Lee plans to conduct a preliminary tour of the Middle East region starting next month. Minister Lee said: “While visiting Silicon Valley, we met with local unicorn companies and decided to create a network where successful unicorns in the US can mentor Korean startups.”
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