Shanghai: President Lee Jae Myung emphasized the need for South Korean and Chinese startups to enhance collaboration in sectors where they can drive innovation and generate new growth opportunities. These remarks were delivered during the Korea-China Venture Startup Summit held in Shanghai, which saw the participation of around 400 executives from startups, venture capital firms, and government officials from both nations.

According to Yonhap News Agency, Lee highlighted the evolution of the cooperative dynamic between the two countries. Historically, South Korea provided capital and technology while China contributed land and labor. However, with China's significant advancements in capital and technology, Lee stressed the importance of redefining economic cooperation between Seoul and Beijing.

At the summit, he proposed a "competitive yet cooperative" framework to strengthen economic ties, suggesting that both nations should compete when necessary but collaborate wherever possible. Lee's visit to China aims to restore bilateral relations to a "normal track" and establish a "future-oriented partnership."

Lee further noted the potential of connecting South Korea's venture startup ecosystem with China's extensive startup landscape to unlock more robust growth engines. He committed to expanding support systems to create a conducive business environment where young entrepreneurs can tackle challenges without fearing failure.

"The government should share the risks of starting up new businesses so that failure is not a setback but an asset for future success," Lee asserted. His itinerary also included attending a business forum in Beijing with senior executives from major South Korean and Chinese companies, focusing on enhancing cooperation in fields such as artificial intelligence and cultural content.