Experts tout support for National K-Entrepreneurship Center in Jinju

Jinju Mayor Jo Kyoo-il speaks on the city government's plan to establish the National K-Entrepreneurship Center during a forum at the National Assembly in Seoul, Monday. Korea Times photo by Nam Hyun-woo

Experts and officials from Korea’s business community voiced support Monday for the proposed establishment of the National K-Entrepreneurship Center in Jinju, South Gyeongsang Province, emphasizing the importance of honoring and preserving the city’s legacy as a cradle of education and entrepreneurship that nurtured the founders of Samsung, LG, GS and Hyosung — four of Korea’s most influential conglomerates.

The Jinju City Government hosted a forum at the National Assembly in Seoul to discuss the establishment of the center. The event, co-organized with the Korea Council on Economic Education (KCEE) and Korean Academic Society of Business Administration (KASBA), brought together more than 100 business leaders and experts.

“Jinju is promoting the establishment of the K-Entrepreneurship Center to spread the entrepreneurship of the founders of Samsung, LG, GS and Hyosung to the world and pass them down to future generations,” Jinju Mayor Jo Kyoo-il said during his opening remarks.

“We hope the forum will help build consensus for Jinju’s role in preserving Korea’s entrepreneurial legacy and serve as a catalyst for government-level support.”

Jinju is known for its educational history, as the founders of the top conglomerates all attended Jisu Elementary School in Seungsan Village, a 600-year-old settlement known for its cultural and economic prominence.

The leaders did not attend the school at the same time, but shared an educational background that Jinju promotes as having played a pivotal role in shaping Korea’s entrepreneurial landscape. The school in 2022 was remodeled as the Jinju K-Entrepreneurship Center to honor their pioneering spirit, and the city government now seeks to set up a national-level center to spread the spirit to the entire country.

“Before March 2022, only about 50 people visited Seungsan Village each year,” the mayor said. “Since the opening of the Jinju center, the number has reached 220,000. While it would be sufficient to consider this solely as Jinju’s achievement, for the sake of the national economy, it is essential to establish a center dedicated to nurturing Korea’s entrepreneurial spirit.”

Korea Council on Economic Education Chairman Bahk Jae-wan speaks on Jinju City Government's plan to establish the National K-Entrepreneurship Center during a forum at the National Assembly in Seoul, Monday. Korea Times photo by Nam Hyun-woo

KCEE Chairman and former Minister of Economy and Finance Bahk Jae-wan said “the discussion is not about whether we need a building” but “it is about honoring the great entrepreneurial spirit that led Korea from one of the poorest countries to an advanced economy.”

In his keynote address, former KASBA President Kim Youn-sung stressed the importance of honoring the entrepreneurial spirit of Korea’s business leaders, whose efforts have driven the nation’s economic growth.

“K-Entrepreneurship reflects Korea’s unique historical and cultural values, combining social responsibility with technological innovation to lead national economic and industrial transitions in times of repeated crisis,” Kim said.

“At a time of sweeping change driven by digital transformation, artificial intelligence and demographic shifts, a national platform to embody and internalize the identity of K-Entrepreneurship is urgently needed.”

During panel discussions, experts shared a range of views on the purpose, role and operational strategy of the proposed national center. They emphasized the need to systematically define and promote Korea’s entrepreneurial spirit, stressing that the center should serve not only as an educational platform that showcases the legacy of the country’s entrepreneurs, but also as a national innovation hub connecting youth, business leaders and academic institutions.

The Jinju City Government plans to reflect the opinions collected during the forum and finish the center’s feasibility test by the end of this month, so that the project’s expected costs of 30 billion won ($21.67 million) can be included in the central government’s 2026 budget.