President Moon Jae-in has pledged increased support for venture firms, calling them the key drivers of innovation and growth.

At a briefing on venture business policies at a Seoul startup support center on Wednesday, Moon said the government will set up an investment fund that will inject 12 trillion won over the next four years to specifically help boost new startups.

The president also vowed to increase the number of so-called "unicorn companies," unlisted startups with a valuation of more than one billion U.S. dollars, from the current six to 20 by 2020.

Moon also promised to expand the investment recovery rate through mergers and acquisitions from last year's two-point-five percent to over ten percent by 2020, in order to encourage more venture capitalists to make investments.

Highlighting that venture companies are setting the course of the global economy, Moon said Seoul will seek to start a "second venture boom" in the country that fosters startups with global competitiveness.