Mu-hyup - LG Sangsa Implements Startup Testbed in Indonesia

[Asia Economy Reporter Hwang Yoon-joo] The Korea International Trade Association (KITA) and LG Corporation are launching an overseas testbed project, selecting Indonesia as the global scale-up stage for Korean startups.

Following the signing of a business agreement in June for global scale-up of startups linked with general trading companies, the two organizations further solidified their commitment to supporting Korean startups' overseas expansion by signing a tripartite business agreement with the Ministry of SMEs and Startups on the 22nd as a ‘Jasanghan (Voluntary Win-Win Cooperation) Company’.

This project provides Korean startups with opportunities to test their innovative technologies and solutions abroad. In Indonesia, many local large and medium-sized enterprises in the finance, real estate, and energy sectors, recruited through LG Corporation’s network, will participate. Selected startups will also receive support such as matching with local investors and buyers, and collecting consumer feedback.

Startups wishing to participate in the project can apply through the KITA website from the 27th until August 12th.

Going forward, the two parties plan to combine KITA’s database of over 7,000 startups and expertise in overseas expansion support with LG Corporation’s overseas network to spread new cooperation models between overseas large and medium-sized enterprises and startups.

Shin Dong-heon, Executive Director in charge of Solution Business 2 at LG Corporation, said, “LG Corporation is making multifaceted efforts to present new collaboration and business models for general trading companies required in the new normal era. We plan to provide optimal solutions to ensure that the excellent assets and capabilities of promising domestic startups successfully enter overseas markets.”

Jo Sang-hyun, Head of the Startup Global Support Office at KITA, said, “The testbed project is a win-win for both large and small enterprises and startups as it allows actual testing of technologies and solutions. Since it is a great opportunity to showcase technology on the global stage, we hope many outstanding Korean startups will apply.”

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