Acting President and Prime Minister Hwang Kyo-ahn has pledged to nurture 100 global venture firms by 2020 through support of local start-ups in their advances into overseas markets.
 
During a ministerial meeting on facilitating business start-ups held Friday, the acting president said that by encouraging start-ups, the government will seek a breakthrough in economic recovery and job creation. 
 
He promised step-by-step customized support for venture and start-up firms as they make inroads into foreign markets.
 
Hwang said the government will also host a "start-up festival" comprising of various events this month and also hold competitions related to start-ups on a weekly basis around 50 times during the first half of the year.