Lee calls for 'next Samsung, Hyundai' at Silicon Valley VC summit

President Lee Jae Myung, on a visit to San Francisco, met Saturday (local time) with the heads of Silicon Valley's top six venture capital firms, saying that combining the strengths of South Korea and the United States could produce "the next generation of Samsung, Hyundai, SK Group and Naver — and new global innovators that will lead the world."

Speaking at the "Silicon Valley Venture Investment Meetup" held at a hotel in San Francisco, Lee said the partnership made natural sense. "The United States has world-class venture investment capabilities and a global network," he said, "while South Korea has outstanding technological prowess, manufacturing competitiveness and a dynamic startup ecosystem."

The event was organized to foster cooperation between the venture capital ecosystems of the two countries and to help promising South Korean startups attract overseas investment. Venture capital firms specialize in investing in early-stage startups and high-growth ventures, and senior executives from all six top VC firms attended.

In his opening remarks, Lee urged the firms to invest in South Korea. "I am very pleased to be here in Silicon Valley — the heart of global innovation and venture investment — to discuss the future of South Korean startups and avenues for Korea-US innovation cooperation with those of you who have driven the growth of world-class companies," he said.

Lee also pointed to South Korea's growing appeal as an open innovation hub. "The more than doubling of foreign founders over the past three years shows that South Korea is establishing itself as an open innovation hub where global talent and companies come to take on new challenges," he said. "South Korea's competitiveness lies not only in technology — it is a combination of swift execution, world-class manufacturing infrastructure, digital infrastructure, outstanding talent and the resilience of a people who turn crises into opportunities."

Lee went further, calling South Korea an irreplaceable base for global investors. "South Korea, which also possesses the cultural competitiveness to expand into world markets, is clearly an innovation hub that is difficult to replace — one that can offer new growth opportunities to global investors," he said.

Lee also pledged to improve South Korea's investment climate. "The South Korean government will work to create the most investment-friendly and startup-friendly environment in the world, so that this potential translates into real results," he said. He added that the government would overhaul visa rules that block the entry of foreign entrepreneurial talent and expand the collaborative infrastructure connecting domestic and overseas companies, research institutions and investment bodies.

He said the government would also link its fund-of-funds, the National Growth Fund, and pension and private capital in an integrated system to provide comprehensive support — covering investment, financing and overseas market entry — so that promising startups can grow into global companies rather than remaining at the founding stage.

Lee also spoke to the broader role of venture capital. "Venture capitalists are innovation partners who go beyond simply supplying capital — they identify the potential of technology and connect strategy and networks so that startups can leap into global markets," he said. "When South Korea's promising startups meet your global investment capabilities, investors gain new growth opportunities and our startups gain a springboard to the world."

"This, I believe, is the most successful innovation model in which investors and companies grow together," he added.

Lee framed VC investment as a cornerstone of the broader Korea-US partnership. "Korea and the United States must expand the horizon of cooperation beyond our longstanding security alliance to become a technology alliance, an innovation alliance and a startup alliance," he said. "When Korean startups meet American capital and markets, and when American investors and innovators connect with South Korea's technology, manufacturing and talent ecosystem, the two countries will become innovation partners who build the next 30 years together."

Lee urged the firms to become "a steadfast partner of an irreplaceable South Korea, so that the world's talent, technology and capital can gather in South Korea and together create the growth opportunities of the next 30 years."

The National Pension Service signed MOUs with all six top Silicon Valley VC firms at the event, formalizing partnerships with Andreessen Horowitz, General Catalyst, Sequoia Capital, Khosla Ventures, Lightspeed Venture Partners and New Enterprise Associates.

A second-session roundtable followed, during which participants shared global investment trends and case studies of investments in South Korea, and discussed the investment environment, challenges and avenues for Korea-US venture ecosystem cooperation.