President Lee Jae Myung said Friday the government will expand support for starting new businesses as the nation grapples with the challenges brought on by the rapid transition towards an AI-based economy. The president, who has long been an advocate for entrepreneurship and innovation, made the announcement during a meeting with small business owners and startup leaders at the Blue House, the president's official Seoul residence. "The transition to an AI-based economy is a once-in-a-generation opportunity for us to revolutionize our industries and create new jobs, but it also poses significant challenges for small businesses and startups," President Lee said. "That's why we need to provide more support to them, so they can adapt and thrive in this new economy." As part of its expanded support, the government plans to increase funding for startup accelerators and incubators, as well as provide more resources for small business owners to access cutting-edge AI technology. "We will establish a new funding program that will provide up to 5 billion won in funding to startups that develop AI-powered solutions for various industries," the president said. "We will also invest 10 billion won in AI research and development, and provide more training and education programs for small business owners and entrepreneurs to learn about AI and its applications." In addition to providing more resources and funding, the government also plans to relax regulations and reduce bureaucratic barriers that can make it difficult for small businesses and startups to operate in certain industries. "We want to create a business environment that is friendly to entrepreneurship and innovation," the president said. "That's why we will review and revise our regulations and laws to ensure that they do not hinder the growth of startups and small businesses." The government's expanded support for starting new businesses comes as the nation grapples with the challenges of an aging population and a shrinking workforce. With the transition to an AI-based economy, there are concerns that many jobs will be automated, and that the nation will need to create new industries and new jobs to keep pace with the changing economy. President Lee said that his administration is committed to supporting entrepreneurship and innovation, and to creating a business environment that allows startups and small businesses to thrive. "We are committed to supporting entrepreneurship and innovation, and to creating a business environment that is friendly to startups and small businesses," the president said. "We will work closely with the private sector to create new opportunities for job creation and economic growth, and to ensure that the benefits of the transition to an AI-based economy are shared by all." The government's expanded support for starting new businesses is part of its overall strategy to promote entrepreneurship and innovation in the nation. The president has vowed to create a business environment that is conducive to entrepreneurship, and to provide more resources and funding to support startups and small businesses. In a statement released after the meeting, the Blue House said that the government's expanded support for starting new businesses is a key part of its efforts to boost economic growth and create new jobs. "The transition to an AI-based economy is a major opportunity for us to create new industries and new jobs, but it also poses significant challenges for small businesses and startups," the statement said. "That's why we are committed to providing more support to them, so they can adapt and thrive in this new economy." The government's expanded support for starting new businesses is the latest move by the president to promote entrepreneurship and innovation in the nation. The president has already taken several steps to boost entrepreneurship and innovation, including establishing a new ministry for entrepreneurship and creating a national innovation strategy. Overall, the government's expanded support for starting new businesses is a major step towards promoting entrepreneurship and innovation in the nation, and towards creating a business environment that is friendly to startups and small businesses.