Support for Local Expansion of Small and Venture Companies in the Future Car Sector

The Korea Venture Business Association announced on the 26th that it has signed a business agreement with the Gyeonggi Regional Small and Medium Venture Business Administration and the Seongnam Industry Promotion Agency to support the entry of small and medium venture businesses in the future car sector into Mexico.

The main contents of the agreement include promoting local consultation meetings with global companies in Mexico, establishing product and service supply chains with small and medium venture businesses in the future car sector within the jurisdiction, and creating opportunities for R&D cooperation.

(From left) Lee Jeong-min, Secretary General of the Korea Venture Business Association; Cho Hee-su, Commissioner of the Gyeonggi Regional Small and Medium Venture Business Administration; and Lee Ui-jun, Director of the Seongnam Industry Promotion Agency, are taking a commemorative photo after signing a business agreement on the 26th at the Gyeonggi Regional Small and Medium Venture Business Administration conference room. Photo by Korea Venture Business Association

Mexico is South Korea's number one trading partner in Latin America, accounting for 45% of total exports to Latin America. In particular, it has recently emerged as a key production base for electric vehicles, benefiting from the U.S. Inflation Reduction Act (IRA), and most global automobile manufacturers are located there.

Accordingly, the three organizations will cooperate to recruit companies to participate in the 'Mexico Future Car Sector Market Development Group' and hold a local consultation meeting for entry into the Mexican future car sector on-site in June.

Eligible applicants are companies related to future car technologies (automobile parts, batteries, related software, etc.) located in Gyeonggi Province. Selected companies will receive necessary support for participating in the consultation meeting, such as buyer matching and interpretation services.

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