KOTRA Signs Business Support Agreement with Gyeongsangbuk-do and Local SMEs

[Asia Economy Reporter Suyeon Woo] On the 24th, KOTRA signed a 'Memorandum of Understanding (MOU) for mutual cooperation in trade and investment promotion and youth job creation within the province' with Gyeongsangbuk-do at the Gyeongbuk Provincial Office.

KOTRA has been cooperating with Gyeongsangbuk-do by promoting various export support marketing projects, and this MOU was signed to establish a closer cooperative relationship between the two organizations.

Through this MOU, the two organizations will promote business exchanges including ▲trade and investment trends and information exchange ▲cooperation for overseas expansion of small and medium-sized enterprises (SMEs) in Gyeongbuk ▲attraction of foreign investment and returnee companies ▲support for domestic and international employment and start-up of youth workforce and job cooperation ▲mutual staff exchanges and regional economic revitalization ▲promotion of international and cultural exchanges.

KOTRA signed a Memorandum of Understanding (MOU) with Gyeongsangbuk-do at the Gyeongbuk Provincial Government Office on the 24th to promote trade and investment within the province and mutually cooperate on youth job creation. Yoo Jung-yeol, President of KOTRA (right), and Lee Cheol-woo, Governor of Gyeongbuk Province, are taking a commemorative photo after signing the MOU. Photo by KOTRA

Approximately 230,000 SMEs are located in Gyeongsangbuk-do, and as of 2020, about 3,150 have export records. In addition, there are 311 foreign-invested companies in the province. These companies have faced great difficulties due to COVID-19 since last year, and KOTRA and the Gyeongbuk Provincial Office expect this MOU to contribute to revitalizing the stagnant regional economy.

Lee Cheol-woo, Governor of Gyeongbuk Province, said, "KOTRA has supported our SMEs on the front lines of exports," and added, "I hope this MOU will be a valuable opportunity to open a path of mutual growth."

Yoo Jung-yeol, President of KOTRA, also responded, "Through this agreement, the two organizations have established a cooperative system to support SMEs with competitiveness within the province," and said, "We will support efforts to contribute to regional economic revitalization and youth job creation."

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