Jungjingong, Signal for Expanding SME Entry into Africa

Kenya Signs MOU with UN-Habitat to Promote Youth Entrepreneurship Activation

On the 16th, at the Korea-Africa Innovation Startup Conference held in Kenya, Director Kim Hak-do is delivering a welcome speech.

[Asia Economy Reporter Kim Cheol-hyun] The Small and Medium Business Corporation (Chairman Kim Hak-do, hereinafter referred to as SBC) announced on the 17th that it signed a memorandum of understanding (MOU) with UN-Habitat in Nairobi, Kenya, to promote global youth entrepreneurship.

UN-Habitat is an international organization overseeing urban and human settlements, addressing youth employment issues for urban regeneration as a key agenda. Taking this MOU as an opportunity, SBC and UN-Habitat agreed to actively cooperate in nurturing African youth entrepreneurs and startups and supporting the entry of domestic small and medium ventures into Africa.

Following the signing, the two organizations jointly held the Korea-Africa Innovation Startup Conference and business consultation meetings. At the conference held on the 16th, countries including Korea, Kenya, Rwanda, and Tanzania shared ▲startup ecosystems and industry outlooks ▲startup support policies and success cases.

On the 16th and 17th, the Korea-Africa business consultation meetings were also held. Seven domestic startups, including graduates from SBC’s Youth Startup Academy aiming to enter Africa, met with 40 local East African buyers for one-on-one consultations. Through pre-matching by interest areas, various business opportunities such as exports, technology partnerships, licensing agreements, and joint ventures were provided.

SBC and UN-Habitat have been holding the Korea-Africa Innovation Startup Conference for three years since 2020. This year marks the first time the event was held locally in Africa. It is expected that this expansion of local exchange and cooperation will accelerate the entry of domestic startups and SMEs into the African market.

Chairman Kim Hak-do said, "Africa, with a population of 1.3 billion and an economic growth rate of around 5% over the past five years, is a market with unlimited development potential. We will actively support domestic small and medium ventures in entering new African markets by leveraging the cooperative relationship established with UN-Habitat."

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