Korea-Latin America Startup Joint Venture Development Initiative

[Asia Economy Reporter Seulgina Jo] The Ministry of Science and ICT announced on the 29th that the Born2Global Center, a specialized overseas expansion institution under the Korea Association of ICT Promotion (KAIT), and the Inter-American Development Bank (IDB) signed an agreement to officially launch the Korea-Latin America Startup Joint Venture Development Project. This is part of supporting the overseas expansion of innovative technology companies in the ICT sector.

The Korea-Latin America Startup Joint Venture Development Project was strategically established to actively create breakthroughs for overseas expansion centered on online connections with investors and partner companies, due to restrictions on free movement between countries caused by the global spread of the novel coronavirus infection (COVID-19) and limitations on promising startups' global expansion and investment attraction activities.

The Born2Global Center and IDB will discover promising candidate companies in Korea and Latin America and conduct JV matching between companies to assist joint research and development, demonstration, and market entry between domestic data, network, and artificial intelligence (DNA) innovative technology companies and Latin American companies. Selected Korean startups will be able to overcome restrictions on domestic companies' overseas business trips and local activities through Latin American local companies and enable efficient localization of products and services remotely.

Exploration between companies begins through Korea-Latin America exchange events hosted by the Born2Global Center and IDB. Korean companies will review cooperation possibilities with Latin American companies through events promoting exchanges between Korean and Latin American innovative technology companies and discuss detailed cooperation plans between companies. Korea-Latin America exchange events scheduled this year include the Korea-Colombia and Korea-Mexico startup online meetups in November and December, respectively. From 2021, these will be held 1 to 2 times monthly in cooperation with startup-related organizations in major Latin American countries.

Companies confirmed to have cooperation intentions through exchange events will receive consulting on corporate activities such as joint venture establishment and demonstration project planning, along with commercialization funding support.

Companies interested in the Korea-Latin America startup online meetup events can receive information through announcements on the Born2Global Center website or by contacting the person in charge (031-5171-5625, jslee@born2global.com).

Oh Sang-jin, Director of Information and Communication Industry Policy at the Ministry of Science and ICT, stated, “The Korea-Latin America Startup Joint Venture Development Project is a great opportunity for domestic innovative technology companies to enter the Latin American startup ecosystem,” adding, “Companies will not only have opportunities for market validation and pioneering but also accelerate their entry into Latin America through cooperation with local companies.”

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