Our Startup Takes Flight for Global Expansion at Overseas Diplomatic Missions

Overseas Diplomatic Missions Collaboration K-Startup Global Networking Support Project
Selection of Target Missions

The Ministry of SMEs and Startups and the Ministry of Foreign Affairs announced that they have selected seven overseas diplomatic missions to implement the 'Overseas Diplomatic Mission Collaboration K-Startup Global Networking Support Project,' which supports our startup companies' adaptation to local startup ecosystems.

This year's missions implementing the project are Tunisia (Embassy), San Francisco (Consulate General), Saudi Arabia (Embassy), Seattle (Consulate General), Ho Chi Minh (Consulate General), Singapore (Embassy), and Vietnam (Embassy). The selected overseas missions will utilize local diplomatic infrastructure to support the operation of various programs such as trade fair-linked promotions, investment consultation meetings, and startup roundtables.

Launched for the first time last year, this project supported 11 missions with an average of 30 million KRW each to operate various local programs. This year, the number of supported missions was reduced through selection and concentration, while the average support budget was increased.

The Ministry of SMEs and Startups, which possesses expertise in fostering SMEs, venture businesses, and startup support as well as the capability to gather private sector policy demands, and the Ministry of Foreign Affairs, which oversees government and public institution overseas activities through a network of 189 overseas diplomatic missions worldwide, are seeking ways to maximize project outcomes by combining the capabilities of each ministry to help our ventures and startups realize their dreams of overseas entrepreneurship.

Jo Kyung-won, Director of Startup Policy at the Ministry of SMEs and Startups, stated, “When it is difficult to achieve policy goals with the resources of a single ministry, close collaboration with related ministries is essential,” adding, “If overseas diplomatic missions promote startup support programs tailored to local conditions to support startup companies, the creation of outcomes can be maximized.”

Kim Jin-dong, Director of the Bilateral Economic Diplomacy Bureau at the Ministry of Foreign Affairs, said, “The Ministry of Foreign Affairs, as a member of economic ministries, also aims to provide demand-tailored support services to our companies,” and added, “We plan to break down barriers between ministries and discover and implement various collaborative projects that help our SMEs and venture companies globalize.”

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