Seoul:<Text>

The government will designate 10 cities to serve as major hubs for startup ecosystems by next year in a bid to promote balanced regional growth and create more jobs for young people, the finance ministry said Friday. The initiative is part of a broader strategy to develop a more balanced industrial landscape across South Korea.

According to Yonhap News Agency, the Ministry of Finance and Economy stated that four cities, namely Daejeon, Daegu, Gwangju, and Ulsan, will be the first to receive designation as startup hubs this year. These cities house major scientific institutes and will be followed by the selection of six more cities outside of the greater Seoul area next year. This announcement was made during a meeting focused on the economy and strategies for boosting the startup ecosystem.

The ministry emphasized that the goal of this initiative is to counter the concentration of startup infrastructure in Seoul, as other regions face challenges such as population outflow due to a lack of industrial facilities. South Korea currently ranks 20th globally in startup ecosystem competitiveness, with significant investments in research and development and a high number of patent applications. However, it only has three cities in the top 500 startup cities worldwide, according to data from StartupBlink.

In comparison, the United States has 137 cities in the list, while the UK, Germany, China, and Japan have 34, 27, 26, and 6 cities, respectively. With this initiative, the government aims to propel five cities into the top 100 global startup list by 2030.

To achieve this, the government plans to make these cities educational centers for young entrepreneurs and help them develop specialized industries. For instance, Daegu is expected to become a hub for robotics startups, Gwangju for artificial intelligence and smart energy, and Ulsan for future mobility.

The government will also offer a comprehensive supp ort package for the creation and growth of startups in these areas. This package will include support in research and development, investment, and networking, along with regulatory streamlining. Additionally, efforts will be made to help rural regions develop businesses that utilize their cultural and tourism resources to stimulate the local economy. Companies outside the Seoul metropolitan area will also receive benefits when bidding for public procurement projects.

Finance Minister Koo Yun-cheol highlighted the importance of this initiative, stating that it builds on the current semiconductor boom. He emphasized the government's commitment to strengthening the economy's foundations to reemerge as a global leader through proactive industrial innovation and startup promotion.

Koo also mentioned plans to unveil a strategy next week aimed at boosting the tourism industry and promoting eco-friendly consumption to address concerns over weak consumer sentiment. This will be part of the "new deal" strategy aimed at providing more work experience for young people.