A Dedicated Window for SMEs and Venture Companies to Be Established at Overseas Diplomatic Missions... Ministry of SMEs and Startups and Ministry of Foreign Affairs Join Hands

On the 1st, Meeting with Ministers of SMEs and Startups and Foreign Affairs to Sign a Business Agreement
Distributing Domestic Startup Ecosystem Promotion Magazine to Overseas VCs

To support small and venture businesses aiming to expand overseas, the Ministry of SMEs and Startups and the Ministry of Foreign Affairs have broken down inter-ministerial barriers. They plan to establish dedicated desks for small and venture businesses at overseas diplomatic missions and distribute a policy magazine introducing the Korean startup ecosystem in overseas markets.

Minister Oh Young-joo of the Ministry of SMEs and Startups (right) and Minister Cho Tae-yeol of the Ministry of Foreign Affairs are attending the '2024 Innovation Venture Industry New Year's Meeting' held at EL Tower in Seocho-gu, Seoul on January 19, listening to a presentation.
[Photo by Yonhap News]

On the morning of the 1st, the Ministry of SMEs and Startups and the Ministry of Foreign Affairs signed a "Memorandum of Understanding for Cooperation to Support the Global Expansion of Small and Venture Businesses" at Seohui Hall in the annex of the Government Complex Seoul.

One of the key points of the MOU is strengthening local cooperation. A "Small and Venture Business Support Council" will be formed at overseas diplomatic missions to enable small and venture businesses to easily request assistance. Joint projects between the two ministries, such as the "K-Startup Global Networking Support Project," which helps businesses adapt to local startup ecosystems in collaboration with overseas missions, will be expanded and newly established. A domestic support council will also be created to resolve difficulties that are hard to address locally through policy linkage and consultations with related ministries.

Additionally, policy information will be provided promptly to local companies and institutions. A "Small and Venture Business Global Policy Magazine (tentative name)" promoting the Korean startup ecosystem will be produced and distributed to overseas venture capitalists (VCs) and startups.

Cooperation will also be pursued in implementing Official Development Assistance (ODA) projects. This aims to solve economic and social issues in partner countries by utilizing innovative technologies from Korean small and venture businesses, while providing companies with opportunities for demonstration and overseas market entry.

Minister Oh Young-joo of the Ministry of SMEs and Startups emphasized, "We focused on cooperation to create a system where small and venture businesses struggling overseas do not have to worry about where to discuss their problems, and to organically combine the capabilities of various local and domestic institutions to solve issues." Minister Cho Tae-yeol of the Ministry of Foreign Affairs stated, "To realize 'approachable livelihood and economic diplomacy,' the Ministry of Foreign Affairs and the Ministry of SMEs and Startups will join hands to support the global expansion of small and venture businesses, creating changes and results that our citizens can feel."

Meanwhile, on the same day, a detailed cooperation plan between the two ministries regarding startup support policies and ODA was also signed in a KOICA-Startup Promotion Agency MOU. Going forward, each institution plans to achieve collaborative results through establishing linkage systems between KOICA’s innovative development cooperation programs and private investment-led technology startup support projects, jointly piloting projects, supporting corporate overseas expansion and ODA activities, and coordinating related corporate cooperation events.

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