Jungjingong Strengthens Cooperation with Local Agencies to Support SME Entry into ASEAN Markets

Establishing Collaborative Partnerships with Local Specialized Institutions in Thailand and Singapore

The Small and Medium Business Corporation (SBC) announced on the 20th that it has established cooperative relationships with local specialized organizations in Thailand and Singapore, laying the groundwork for domestic small and medium-sized enterprises (SMEs) to enter the Southeast Asian market.

First, on the 19th, Kang Seok-jin, Chairman of SBC, signed a memorandum of understanding (MOU) with the National Science and Technology Development Agency (NSTDA) of Thailand to promote technological cooperation between Korean and Thai SMEs and support the activation of domestic companies’ entry into Thailand. NSTDA is a government agency under the Ministry of Higher Education, Science, Research and Innovation (MHESI), operating five national research institutes, fostering technology-based SMEs and startups, and conducting international organization cooperation projects.

Jungjingong

Through this agreement, both organizations agreed to actively cooperate on ▲strengthening the capabilities of SMEs in both countries ▲supporting promising domestic companies wishing to enter the Thai market ▲exchanging policy information on industrial trends, economic environments, and corporate support policies in both countries ▲jointly promoting APEC cooperation projects.

Subsequently, on the 20th, Chairman Kang agreed with the Aerospace Association of Singapore (AAIS) to establish a proactive public-private cooperation system to jointly support Korean startups in the future aviation sector to enter overseas markets. Leveraging this opportunity, SBC plans to ▲discover outstanding SMEs and startups and share mutual information ▲enhance understanding of technology and industry trends through information exchange related to the aerospace industry ▲develop joint programs to facilitate successful local market entry.

Chairman Kang also diversified the network for domestic SMEs’ ASEAN entry by laying the foundation for a Korean startup investment fund with Rigel Capital, a Southeast Asian investment firm based in Singapore, and negotiating with Saha Group, a Thai consumer goods manufacturing and distribution company, to utilize local distribution platforms for excellent Korean products with high potential for success in the Thai market.

Chairman Kang stated, “Thailand and Singapore are key strategic points for domestic SMEs to enter ASEAN,” adding, “This agreement will serve as a catalyst for the globalization of domestic SMEs, and we will actively support domestic companies with excellent technological capabilities to successfully establish themselves in overseas markets.”

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