Ministry of SMEs Supports European Market Entry of SMEs in Eco-friendly and Digital Sectors with Luxembourg

Ministry of SMEs and Startups and Luxembourg Ministry of the Economy Sign 'Sustainable Innovation Online Memorandum of Understanding'

The Ministry of SMEs and Startups announced on the 8th that it signed a Memorandum of Understanding (MOU) on 'Cooperation for Sustainable Innovation' for small and medium-sized enterprises and startups with the Ministry of the Economy of Luxembourg through an online meeting. Minister Park Young-sun of the Ministry of SMEs and Startups attended the signing ceremony. Photo by the Ministry of SMEs and Startups

[Asia Economy Reporter Kim Heeyoon] A business center to support the entry of South Korean SMEs and startups into Europe will be established in Luxembourg.

The Ministry of SMEs and Startups announced on the 8th that it signed a memorandum of understanding (MOU) on 'cooperation for sustainable innovation' for SMEs and startups with the Luxembourg Ministry of the Economy through an online meeting.

In this agreement, the two countries agreed to particularly strengthen cooperation between SMEs and startups in the eco-friendly (green) and digital sectors.

The main contents of the MOU include ▲ the establishment and operation of a Smart Green Business Center (SGBC) in Luxembourg ▲ holding joint symposiums, seminars, and workshops to enhance cooperation between SMEs and startups in the green and digital sectors. The two countries will also support exchange activities between SMEs through joint research, technology transfer, and marketing support.

In particular, the SGBC will be operated in a way that the Luxembourg Innovation Agency provides space and supports local activities for SMEs selected by Korea's Asia-Europe Meeting SME Green Innovation Center.

Luxembourg, which is geographically close to countries such as France, Germany, and Belgium, is fostering the fintech industry intensively based on its developed financial sector with business-friendly policies.

It was also the first in the world to introduce 'green bonds' investing in eco-friendly energy and businesses, and is leading the digital economy in Europe by attracting the European Union's high-performance supercomputer alliance in 2021.

Park Young-sun, Minister of SMEs and Startups, said, “Luxembourg is a representative small but strong country that led the founding of the European Union and has developed connectivity with neighboring countries and innovation capabilities, ranking first in the world in GDP per capita and labor productivity.” She added, “We expect that the entry of capable Korean SMEs and startups into Europe will expand using Luxembourg as a foothold.”

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