Trade Association and LG Sangsa Join Hands to Support Startup Overseas Expansion

[Asia Economy Reporter Suyeon Woo] The Korea International Trade Association (KITA) and LG Corporation are set to actively promote a testbed project to support domestic startups in expanding overseas.

On the 3rd, KITA and LG Corporation signed a "Comprehensive Trading Company-Linked Startup Global Scale-up (Scale-up) Business Agreement (MOU)" at COEX in Samseong-dong. The signing ceremony was attended by about 10 officials, including Han Jin-hyun, Vice Chairman of KITA, and Yoon Chun-sung, CEO of LG Corporation.

Vice Chairman Han said, "We will support startups' global scale-up by developing and disseminating original support models, while continuously reviewing the institutional foundation of the startup ecosystem through cooperation with government ministries."

Yoon Chun-sung, CEO of LG Corporation, responded, "By combining the global capabilities of comprehensive trading companies with the innovative businesses of domestic startups, we will be able to secure new forms of competitiveness in the global market."

The Korea International Trade Association and LG Corporation signed a "Business Agreement for Comprehensive Trading Company-Linked Startup Global Scale-up" on the 3rd at COEX in Samseong-dong. From the left in the photo, Hanjin-hyun, Vice Chairman of the Trade Association, and Yoon Chun-sung, CEO of LG Corporation, are posing for a commemorative photo. Photo by Muhyup

Through this agreement, KITA will share its know-how in operating domestic and international startup testbeds through private public offerings, while LG Corporation plans to secure overseas testbed partners by leveraging its decades of accumulated global capabilities and networks. Additionally, they will jointly promote consulting for startups' overseas expansion, investment, partner discovery, and business commercialization linkage.

Jo Sang-hyun, Head of Startup Global Support at KITA, said, "Typical matching consultations are a good opportunity for startups to meet leading companies, but it takes considerable time and effort to prove technology and business models. The overseas testbed linked with comprehensive trading companies will complement this and serve as a practical support project to help our companies expand their business base on the global stage."

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