Urgent Easing of FX and Visa Regulations for Startup Globalization

The domestic startup industry has strongly demanded the removal of institutional barriers that hinder its entry into the global market. They aired their practical difficulties in attracting foreign capital and securing talent, urging the government and the National Assembly to devise effective policies. The 'Policy Debate for Strengthening Startup Global Competitiveness,' hosted by the Korea Startup Forum (KOSPO) and co-hosted by members of the National Assembly, captured these urgent voices. Jung Ji-eun, KOSPO's Policy Committee Chairman, emphasized, "South Korea urgently needs to formulate effective policies to foster startups with global competitiveness." The political sphere also evaluated the startup industry as "a new driving force for South Korea's growth" and expressed its commitment to deregulation and creating an innovative environment. At the debate, 'inbound' strategies for attracting foreign talent and capital into South Korea and 'outbound' strategies for assisting domestic startups in expanding overseas were discussed in depth. Park Dae-hee, CEO of Daejeon Creative Economy Innovation Center, argued that regulatory and institutional improvements aligned with global standards should be linked with the influx of high-level talent, expansion of venture investment, and the creation of a regionally balanced ecosystem. He particularly emphasized the necessity of a pan-governmental policy shift, including the enactment of a foreign startup support law, the creation of region-based global funds, and innovation in the startup immigrant visa system. Kim Sung-hoon, managing partner at Law Firm Mission, emphasized that "inbound and outbound are connected strategies." He stressed the need for a complete overhaul of domestic regulations to align with cross-border company strategies, along with the alignment of investment and governance structures with global standards, and customized localization support for each industry and region. Voices from the field were even more vivid. Lee Han-bin, CEO of Seoul Robotics, which has expanded into Germany and Japan, urgently called for a review of specific issues such as foreign exchange transaction regulations in the process of attracting foreign capital, overseas listings, and global talent visa issuance. Song Myung-soo, CEO of Pen Ventures Korea, emphasized the importance of policy consistency and long-term goals, pointing out the need for a policy framework that is maintained regardless of changes in administration. In its concluding remarks, KOSPO stated, "As startups' global challenges have already begun, institutions and policies must also boldly change in step with them." It pledged to do its utmost to ensure that key tasks, such as easing foreign exchange transaction regulations, which are obstacles in attracting foreign investment, inbound/outbound fund strategies, and resolving scale-up bottlenecks, are implemented as concrete policies. This debate went beyond identifying policy tasks to strengthen startup global competitiveness. It is expected to be an important turning point that will lead future policy changes by presenting solutions to specific issues such as foreign exchange transaction regulations, visa issuance, and R&D support.