LG Sangsa-Medical Device Association Join Hands to Support Export of Domestic Medical Device SMEs

[Asia Economy Reporter Suyeon Woo] LG International and the Korea Medical Devices Industry Cooperative Association (hereinafter KMDICA) are strengthening cooperation to support the overseas expansion of domestic medical device manufacturers.

LG International announced on the 25th that it signed a Memorandum of Understanding (MOU) with the association on the 22nd at the KMDICA conference room located in Jung-gu, Seoul, to promote the overseas export and global cooperation projects of Korean medical devices.

Through this agreement, the two organizations plan to strengthen mutual cooperation to pioneer overseas markets and activate exports of excellent domestic medical devices, as well as jointly explore global business development. About 10 key officials from both organizations attended the signing ceremony, including Yonghwan Park, Executive Director of LG International's Industrial Materials Division, and Jaehwa Lee, Chairman of the association.

LG International has recently entered the healthcare sector in the medical and health fields and is actively expanding its business. This is based on the high evaluation of the future growth potential of the medical and health industry overall, and the judgment that it is advantageous to discover new businesses and secure a leading position in the market.

Park Yong-hwan, Head of Industrial Materials Division at LG International (right), and Lee Jae-hwa, Chairman of the Korea Medical Devices Industry Cooperative, are posing for a commemorative photo after signing a business agreement on the 22nd to promote overseas exports of Korean medical devices and activate global cooperation projects. Photo by LG International

An LG International official said, "The status of domestic medical devices and equipment has greatly increased due to the response to the novel coronavirus infection (COVID-19). We hope to assist domestic medical device manufacturers in expanding overseas based on LG International's global network and marketing capabilities, and furthermore contribute to promoting the excellent quality of domestic medical devices and equipment in the global market."

A KMDICA official added, "We expect that Korean medical device manufacturers, who have been relatively undervalued until now, can take this opportunity to leap forward by utilizing their recently enhanced global status and LG International’s extensive global network as a large corporation."

KMDICA is an organization established in 1979 with approval from the Ministry of Health and Welfare to develop the domestic medical device industry. Currently, about 600 leading domestic medical device manufacturers are members, and with support from the Ministry of Health and Welfare, it operates overseas centers in Indonesia, Vietnam, and China.

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