Former Israeli Prime Minister Ehud Olmert has advised Korea to look for “new areas” by nurturing startups, instead of sticking to traditional industries.

Meeting the press at Shilla Hotel in downtown Seoul Monday, Olmert praised Korea for its success in such heavy industries as cars but urged Korea to “challenge in such areas as self-driving and electric cars to be ahead of the world.” “If Korea can meet the needs of the future with new technologies, it will serve to offer new jobs for young people,” said Olmert who arrived in Seoul Sunday to attend the inaugural Asia Blockchain & Fintech (ABF) in Seoul that will open Tuesday at Shilla Hotel.

He called for startups‘ “courage to take the risk,” saying that 80% of startups fail. “Although they fail, knowledge, experience and know-how accumulated in this process will bring god results. They must not be afraid to fail,” Olmert said.

He arrived in Seoul to make a keynote speech in the “Fuze 2018,” the main event of the ABF in Seoul, Tuesday, under the theme “Imagine as much as you can and make it real: startups and blockchain of a startup nation.” The former Israeli prime minister met with Korean businesspeople and Israeli entrepreneurs in Korea in the “Israel Day” event held at Shilla Hotel Monday afternoon.

According to Olmert, Israel’s army has contributed a great deal to nurturing startup businesses and easing unemployment problems in Israel. “Engineers are trained in Israel‘s army and more young Israelis are encouraged to enter universities. The more engineers we have, the more jobs we create.”

But he clarified his opposition to government “controlling and running businesses.” “The government’s role in entering new industries and expanding opportunities for education is necessary. But the government should not try to control businesses. The government should prioritize support and investments in industries (rather than intervening directly),” he said.
/Janice Yunji Kim Reporter yjk@decenter.kr

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