Two million new jobs seen by 2010 With the 10th anniversary meeting on December 2 of the Korea Venture Business Association (KOVA), the Korea IT Times interviewed Cho Hyun-jung, chairman of the Association, to hear more about its past achievements and future goals. The following are excerpts from the interview: Could you tell us about some of KOVA's achievements this past year as regards to the opening of new business opportunities in overseas markets Also, please tell us about the association's plans for next year. KOVA is currently engaged in various overseas projects, with an emphasis placed on providing substantial assistance to those troubled Korean venture firms that have a strong will but lack the necessary human resources and marketing capabilities as well as the necessary information to seek business opportunities in overseas markets. Above all, for our clients we can make the best use of our overseas networks and provide specialized services, such as the utilization of human resources and market analyses, as our overseas operations are based on the International Network of Korean Entrepreneurs (INKE), which is comprised of 25 branches abroad. During this year, we have achieved some fruitful results, together with Korean venture firms, by either hosting or participating in such international events as TELEXPO in Brazil, WorldExpo in Canada and BeSeTo Roundtable in China. We are currently exploring business opportunities in China and new emerging markets such as Russia and India while maintaining our current project guidelines. In addition, we plan to actively assist business arrangements by inviting corporate leaders from these emerging markets to be introduced to Korean ventures seeking business opportunities in overseas markets autonomously. How do you plan to assist the global operation of Korean venture firms If one looks at the regions where Korean ventures are operating, it is clear that their operations are disproportionately concentrated in regions such as China, the United States, Japan and Southeast Asia. These countries account for about 90 percent of the overseas operations by Korean venture firms. Moreover, major overseas markets are highly competitive markets where it becomes quite difficult for small and mid-sized companies to compete due to their low brand awareness. Accordingly, we are focusing on providing assistance to venture firms seeking opportunities in emerging markets, including the BRIC nations, and plan to expand online and offline business match-ups between INKE branches and Korean ventures all-year round. What is your assessment of the Association's performance in the last decade Inaugurated 10 years ago when the term "venture" was unfamiliar to most of the Korean public, KOVA, a private organization, has grown to represent Korea's venture businesses with more than 1,500 member companies. From the time of the venture boom, which was prompted by the nation's call of duty to find a new economic paradigm following the 1997financial crisis that drove it to seek IMF assistance, to the bursting of a venture bubble, and to the subsequent countermeasures announced by the government last year-the association has stood at the forefront and led the policy development for invigorating venture businesses while playing a leading role in the education of business management and assisting them to widen business opportunities. Could you comment on KOVA's achievements this year and its major plans for next year Last year, the association announced 10 agendas for venture firms in Korea and asked the government to strenuously exert efforts to aid venture businesses, and has thus played an important role in persuading the government to announce additional measures in May this year to invigorate the venture industry. Also, the government's interest in venture businesses has been extended to the public, and the KOSDAQ index has been hovering around 700 points. Even without taking the trouble to consider various economic indicators, we can see that venture businesses in Korea are already a pillar of the nation's economy. What is lacking, however, is that there have been misdeeds by some entrepreneurs in the business who have failed to endure difficulties in the midst of an economic slump. Consequently, the association will further strengthen and continue to make progress in promoting ethics management. It has for some time been seeking to play a leading role in enhancing transparency in accounting practices and promote a sound venture environment. What is KOVA's vision for the future By 2010, KOVA aims to achieve the goal of creating 2 million new jobs and taking a 10% share of the nation's GDP. I believe that this goal can certainly be attained through our relentless efforts in the fields of the so-called "6Ts," such as IT and bio technologies. Likewise, the association will play a leading role in aiding venture businesses to assume the central role in the development of the nation's economy. What has been your primary focus since you took up the post as chairman of the Association For some time, the association has been engaged in activities centering on venture-related policymaking in order to arouse public interest in venture businesses on a national level and publicize that ventures are one of the new engines of the nation's future economic growth. Moreover, KOVA plans to bolster its assistance to member companies and carry out specific projects intended to give practical assistance to them so that they can adopt and follow ethics management, while providing substantial assistance in their search for new opportunities in overseas markets.