Ministry of SMEs and Startups Collaborates with Inter-American Development Bank to Support Ventures and Startups
[Asia Economy Reporter Donghyun Choi] The Ministry of SMEs and Startups announced on the 30th that it will promote cooperative projects such as an official development assistance (ODA) project to support the growth of promising startups in the Latin American region through the establishment of a venture fund with the Inter-American Development Bank (IDB) and the creation of a Korean Technopark.
On the same day, Cho Joo-hyun, Vice Minister of the Ministry of SMEs and Startups, met with Benigno Lopez Benitez, Vice President of the IDB, and attended a high-level bilateral meeting to strengthen cooperation between Korean and Latin American SMEs and startups. This bilateral meeting was arranged on the occasion of the 6th Korea-Latin America Business Summit held at the Grand Hyatt Seoul Hotel.
During the meeting, they specifically discussed SME and startup cooperation projects based on the memorandum of understanding signed between the Ministry of SMEs and Startups and the IDB last April. According to Crunchbase, a startup analytics company, Latin America was the fastest-growing region in the world for startup investments last year. In particular, countries such as Brazil, Argentina, Mexico, and Colombia are showing strong growth in venture capital (VC) investments and fund formations, especially in the fintech and e-commerce sectors.
Vice Minister Cho said, "Korea and Latin America are symbols of dynamism," adding, "The Ministry of SMEs and Startups and the IDB will join forces so that Korean and Latin American startups, full of passion and ambition, can create new business opportunities through openness and innovation."
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Meanwhile, following the seminar, Vice Minister Cho held a separate bilateral meeting with Maria Luisa Hayem Breve, Minister of Economy of El Salvador, to share Korea’s startup policy experiences. Vice Minister Cho expressed his expectation that if Korea hosts the ‘Busan 2030 World Expo,’ it will greatly contribute to the exchange and cooperation of innovative venture startups and SMEs worldwide, and he requested active support.
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