KOTRA Accelerates Support Program for Korean Startups Entering Latin America

Second Half 'Han-Colombia Startup Cooperation Webinar' and More to Be Held

[Asia Economy Reporter Moon Chaeseok] KOTRA is set to actively promote support projects for Korean startups entering Colombia and other Latin American markets.

On the 3rd, KOTRA announced the publication of a report titled "Trends in the Startup Ecosystems of Colombia and Major Latin American Countries and Strategies for Korean Companies' Entry." Starting with the release of this report, KOTRA plans to vigorously advance support projects for Korean startups entering Latin America.

According to market research firm Statista, venture investment in Latin America has increased approximately sevenfold over the past four years. Among them, Colombia's venture investment amount last year reached $800 million (about 1.05 trillion KRW), a 12-fold increase compared to 2017. This was the largest growth among Latin American countries.

In response, KOTRA plans to collaborate with key institutions such as Colombia's startup promotion agency Innpulsa and the Bogota Chamber of Commerce to hold webinars and partnering events to assist Korean startups in entering the Latin American market.

On the 17th, a "Korea-Colombia Startup Cooperation Webinar" will be held for Korean startups. The webinar will consist of two sessions: one introducing Colombia's startup support policies presented by Innpulsa, and another covering trends in the Latin American startup ecosystem by KOTRA's Bogota Trade Center.

On the 28th of next month, with sponsorship from Innpulsa and the Bogota Chamber of Commerce, a "Korea-Colombia Startup Cooperation Partnering Event" will be held locally in Bogota. Approximately five Korean startups with technological cooperation needs between the two countries will be invited to Colombia. The invited startups will propose collaborative business models to local venture capitalists and unicorn companies, and through partnering with suitable Colombian startups, they will make a full-scale entry into the Latin American market.

Alejandro Gonzalez, founder of local video game startup Brains, said, "Although startups in various fields in Colombia are growing rapidly, many fail due to a lack of technological capabilities. Collaborating with Korean startups that possess excellent technology will greatly help strengthen business models."

Kim Sangsoon, head of KOTRA's Latin America Regional Headquarters, stated, "The Korea-Colombia Startup Partnering Event will provide opportunities for technological cooperation for Latin American startups and market entry for Korean startups into Latin America. We will expand startup support projects throughout Latin America starting from this event."

The report can be viewed and downloaded from "KOTRA Overseas Market News."

Cover of the report published by KOTRA on the 3rd. (Photo by KOTRA)

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