Mu-hyup, Ministry of SMEs and Startups, and LG Sangsa Sign 'Business Agreement to Support Overseas Market Entry for SMEs, Ventures, and Startups'
[Asia Economy Reporter Hwang Yoon-joo] The Korea International Trade Association (KITA) signed a "Business Agreement for the Overseas Expansion of Small and Medium Enterprises (SMEs), Venture Companies, and Startups" on the 22nd at the LG Gwanghwamun Building, jointly with the Ministry of SMEs and Startups and LG Sangsa.
This agreement was signed as a tripartite pact with LG Sangsa becoming the 15th participant in the Ministry of SMEs and Startups' "Jasanghan (Voluntary Win-Win Cooperation) Company" project, which promotes the value of coexistence and cooperation, and KITA planning a joint support project.
Kim Young-joo, Chairman of KITA, said, "With LG Sangsa's participation, we have secured a foothold for our companies' overseas expansion," adding, "The association will act as a mediator between LG Sangsa and the trade industry to discover various support models for the overseas expansion of SMEs and startups and promote joint projects."
Based on this agreement, KITA and LG Sangsa plan to launch a testbed project in August to introduce and pilot domestic startups' solutions with eight large and medium-sized Indonesian companies in sectors such as finance, real estate, and energy. Selected startups will also receive benefits such as matching support with local investors and buyers and collecting consumer response information.
In the second half of the year, business matching and online export consultation meetings utilizing the overseas networks of KITA, the Ministry of SMEs and Startups' overseas expansion support projects, and LG Sangsa will also be held.
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Shin Sun-young, Head of KITA's Overseas Marketing Office, said, "Through this agreement, we expect to create synergy effects from discovering excellent domestic companies to entering overseas markets," and added, "We will create a successful win-win cooperation model between large corporations and SMEs."
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