Minister of SMEs and Startups Park Young-sun met with the chiefs of eight organizations representing innovative firms on Friday, including the Korea Venture Business Association.

The meeting was held at D.CAMP in southern Seoul, which is a venue created by the Banks Foundation for Young Entrepreneurs to assist business startups. 

It was the minister's first gathering with the officials since he took office. The aim was to hear about the challenges startup firms face in order to reflect related concerns in policy making.

In opening remarks, Park stressed the need to overhaul the economic structure to become more centered on medium and small-sized firms in order for South Korea to further advance into a developed economy with per capita income surpassing 30-thousand dollars.

The minister urged companies, organizations and the government to join hands to realize innovative growth.

Participants of the meeting offered various suggestions and also asked for the swift passage of the supplementary budget bill which has allocated funds toward innovative growth such as the expansion of smart factories.