Pohang City Partners with Venture Growth Group 'Yozma' to Support Local Companies' Overseas Expansion

Pohang City-Yozma Group-Pohang TP Sign MOU for Global Expansion of Promising Small and Medium Enterprises

[Asia Economy Yeongnam Reporting Headquarters Reporter Dongwook Park] Pohang City, Gyeongsangbuk-do announced on the 24th that it has signed a Memorandum of Understanding (MOU) with the Korean branch of Yozma Group, a global venture fostering specialist company, to support the overseas expansion of promising small and medium-sized enterprises (SMEs). This partnership equips promising SMEs with excellent technological development capabilities and growth potential with a new engine for global market entry.

The signing ceremony held on the 22nd in the city hall's medium conference room was attended by about 20 people, including Mayor Kangdeok Lee of Pohang, Wonjae Lee, head of Yozma Group Korea, Jaewon Seo, chairman of Pohang City Council, Jeomsik Lee, director of Pohang Technopark, and Jonggil Choi, senior vice chairman of Pohang Promising SMEs Association.

The main contents of the agreement include ▲ joint support cooperation and business information sharing for promising SMEs in Pohang ▲ investment linkage and overseas expansion support for Pohang’s promising SMEs ▲ sharing future promising fields and investment information according to global trends.

Starting this year, Pohang City will introduce the 'Global Value Chain (GVC) project' based on Yozma Group’s corporate fostering know-how, supporting innovation and development of local SMEs along with current trend analysis. Based on this agreement, Pohang plans to actively create an environment where promising SMEs designated since 2015 (currently 65 companies) can grow into companies with industrial competitive advantages.

Wonjae Lee, head of Yozma Group Korea, promised, "Yozma Group will actively support Pohang’s SMEs so that they can envision a big picture beyond the domestic market to the global market."

Mayor Kangdeok Lee responded, "To support Pohang’s SMEs and build a startup ecosystem, we plan to further expand our relationship with Yozma Group to broaden investment attraction linkage and collaboration areas. I hope this signing ceremony will serve as a catalyst for corporate growth and ignite the spark for revitalizing the local economy amid difficult situations such as COVID-19."

Meanwhile, Yozma Group, launched in 1993, has created a global venture capital ecosystem through direct investment and global VC fund management, listing more than 20 companies on NASDAQ, and continues full-cycle investment and support from startups to overseas expansion.

In Korea, since establishing its branch in 2015 and operating Yozma Campus in Pangyo and other locations, it has been discovering promising venture investment companies starting with the establishment of the 'Yozma Private Investment Association No.1 Fund' in 2018.

This content was produced with the assistance of AI translation services.