Government Signs MOU with Mongolia for SME and Startup Technology Exchange

Promotion of Expert and Information Exchange Between the Two Countries... Infrastructure and Policy Cooperation
Ministry of SMEs and Startups, "Establishing a Platform for Domestic Companies to Expand into Central Asia"

The appearance of Park Young-sun, Minister of SMEs and Startups Photo by Yonhap News

[Asia Economy Reporter Kim Suhwan] The government is accelerating the promotion of the New Northern Economic Cooperation policy by strengthening exchanges between small and medium-sized enterprises (SMEs) and startups with Mongolia.

According to the Ministry of SMEs and Startups on the 15th, a virtual meeting was held with Mongolia's Ministry of Food, Agriculture, and Light Industry, during which a memorandum of understanding (MOU) was signed to enhance exchanges between SMEs and startups. This MOU was a follow-up measure to a request made by the President of Mongolia to the Korean government last January at the World Economic Forum in Davos, Switzerland, to strengthen SME cooperation.

Specifically, the plan includes ▲ sharing information on the business environments of both countries, ▲ exchanging experts, ▲ promoting cooperation between institutions and companies of both countries, and ▲ implementing cooperative projects to develop Mongolia's SME and startup policies, laws, and infrastructure.

Minister Park stated, "Cooperating with Mongolia, which possesses abundant resources, can create synergy effects beyond a complementary relationship," and added, "We expect that opportunities for domestic companies to expand from Mongolia to Central Asia and Russia will increase."

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