Mid-sized Companies Partner with Israeli Ventures to Enter Global Markets

Junggyunryeon and Israel's Yozma Group Hold 'Korea-Israel Business Cooperation Seminar'

[Sejong=Asia Economy Reporter Haeyoung Kwon] Domestic mid-sized companies are collaborating with Israeli venture firms to enter the global market.

The Korea Federation of Mid-sized Enterprises and Israeli venture capital firm Yozma Group jointly held the 'Korea-Israel Business Cooperation Seminar' on the 6th at Lotte Hotel in Seogong-dong, Seoul.

Key figures including Sung Yun-mo, Minister of Trade, Industry and Energy, Kang Ho-gap, Chairman of the Federation of Mid-sized Enterprises, Igal Erlich, Chairman of Yozma Group, and Yaniv Goldberg, Economic Counselor at the Embassy of Israel in Korea, attended the event to share the importance and vision of cooperation between Korean mid-sized companies and Israeli venture firms. The trade volume between Korea and Israel reached approximately $2.5 billion last year, increasing by more than 7% compared to 2019 despite COVID-19.

The Federation of Mid-sized Enterprises and Yozma Group signed a Memorandum of Understanding (MOU) for 'Discovering New Growth Engines for Mid-sized Companies and Overseas Expansion.' The aim is to connect domestic mid-sized companies with excellent manufacturing capabilities and Israeli venture firms possessing core technologies in new industries to discover growth engines and expand globally. Going forward, Yozma Group will support ▲identifying investment target companies and technology cooperation in areas of interest to mid-sized companies ▲collaboration with domestic and international research institutions such as Korea Advanced Institute of Science and Technology (KAIST) and Weizmann Institute ▲fundraising for investments by leveraging its global network.

A launch ceremony was also held for the 'Korea-Israel Mid-sized Company Growth Fund,' jointly operated by Yozma Korea and mid-sized company venture capital ATU Partners, funded by multiple mid-sized company investors.

At the seminar, over 20 mid-sized companies from various industries including automotive, semiconductors, and steel, along with experts such as Lee Won-jae, CEO of Yozma Korea, shared information on building business relationships between Korea and Israel.

Minister Sung Yun-mo emphasized, "Israel is a globally recognized innovation powerhouse with high-tech industries such as semiconductors, bio, advanced materials, and artificial intelligence (AI). I hope this opportunity will help mid-sized companies discover various business cooperation models with Israel and enter new businesses and markets. The government will also actively support the new leap of mid-sized companies."

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