Acting President and Prime Minister Hwang Kyo-ahn on Monday renewed his commitment to promoting startups by expanding financial support, removing onerous regulations and facilitating their entry into overseas markets.

Hwang also reiterated that the government will establish a 3.5 trillion-won ($3.05 billion) fund this year to nurture startups as part of efforts to secure future growth engines and inject fresh life into the sluggish economy.

"(The government) will seek to forge a more favorable investment environment for startups and carry out a regulatory reform to remove unreasonable rules that get in the way of efforts to initiate startups," Hwang said at the commencement ceremony of the Youth Startup Academy.

"Our government has been promoting technology-based startups and helping them continue their growth," he added.

The academy, led by the state-run Small and Medium Business Corp., offers various support programs tailored for aspiring and fledgling entrepreneurs armed with creative ideas and technologies.

It is located in Ansan, 42 kilometers southwest of Seoul.

Later in the day, Hwang visited a research center of Hyundai Motor Group in Hwaseong, some 60 km south of Seoul.

He received a briefing there on the development of the autonomous vehicle, which the government has been fostering as one of the nine "national strategic projects" that include technologies involving artificial intelligence, virtual reality, smart cities and ultra-light materials.

"The government will spare no efforts to support the development of environmentally friendly autonomous vehicles that are the country's new growth engine," Hwang said. (Yonhap)