KOICA Supports Legal Education for Social Ventures Entering Developing Country Markets

KOICA-Law Firm Jipyung-Nonprofit Corporation Duru Tripartite MOU Signing

[Asia Economy Reporter Lim Cheol-young] KOICA signed a Memorandum of Understanding (MOU) on the 15th at the KOICA headquarters in Seongnam-si, Gyeonggi-do with the law firm Jipyung and the nonprofit organization Duru to support legal education in developing countries for domestic social ventures promoting technology development for development cooperation.

Since 2015, KOICA has been supporting early-stage social ventures through the innovative technology program (CTS) by providing customized technology development and local-based commercialization for developing countries. To establish new or cost-effective methods that did not previously exist in line with local realities during the project process, a great deal of information about the local markets and legal systems of developing countries is required. However, due to COVID-19, domestic social ventures are facing even greater difficulties in conducting market research in developing countries.

KOICA and the respective organizations signed the MOU to provide free remote legal education to social ventures regarding five developing countries: Vietnam, Indonesia, Cambodia, Myanmar, and Laos. Through this, companies that previously struggled with market research will be able to acquire the legal knowledge necessary for entering developing country markets and receive legal consultations.

Prior to this MOU signing, the three organizations held a meeting on the 6th to share the progress of the CTS project. On that day, Jipyung’s local offices in developing countries conducted remote online legal education and pro bono legal consultation activities for KOICA CTS companies regarding Vietnam, Indonesia, Cambodia, and Myanmar. Especially in the situation where international travel is difficult due to COVID-19, Jipyung’s local offices delivered vivid legal information to companies through remote lectures about establishing local corporations, creating local jobs, and issues that may arise during patent applications.

Im Gyeong, Director of KOICA, stated, “We expect synergy effects between KOICA, an institution realizing social value, and Jipyung and Duru, communities of legal professionals contributing to society,” adding, “Local legal education and legal consultation for CTS participating ventures are expected to contribute to their establishment and growth of sustainable business models in developing countries.”

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