A Dedicated Window for SMEs and Ventures Established at Overseas Diplomatic Missions..."Breaking Down Departmental Barriers" (Comprehensive)

On the 1st, Ministry of SMEs and Startups and Ministry of Foreign Affairs Hold Business Agreement Ceremony
Leveraging Experience of Former Diplomat Minister Oh Young-joo of Ministry of SMEs and Startups

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 SME and venture business service desks at overseas diplomatic missions and distribute a policy magazine introducing the Korean startup ecosystem in foreign markets. These policies reflect the experience of Minister Oh Young-joo of the Ministry of SMEs and Startups, who is a former diplomat.

Minister Oh Young-joo of the Ministry of SMEs and Startups (left) and Minister Cho Tae-yeol of the Ministry of Foreign Affairs are taking a commemorative photo after signing a "Business Agreement for Supporting the Global Expansion of SMEs and Venture Companies" at Seohui Hall, Ministry of Foreign Affairs Annex, Government Seoul Office, on the morning of the 1st. Photo by Ministry of SMEs and Startups

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 diplomatic missions, will be expanded and newly established. Additionally, a domestic support council will be created to resolve difficulties that are hard to address locally through policy linkage and consultations with related ministries.

Furthermore, policy information will be promptly provided 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.

They will also cooperate in promoting 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.

After the MOU signing, Minister Oh held a press briefing titled "Support for the Global Expansion of Small and Venture Businesses through Cooperation between the Ministry of Foreign Affairs and the Ministry of SMEs and Startups," stating, "I have previously expressed a desire to create more systems for capable small and venture businesses to expand overseas and to strengthen global capabilities, and I believe the contents of this MOU are the first step in fulfilling that part."

Oh Young-joo, Minister of SMEs and Startups, is giving a greeting at the 'Press Briefing on Supporting the Global Expansion of SMEs and Venture Companies through Cooperation between the Ministry of Foreign Affairs and the Ministry of SMEs and Startups' on the 1st.
[Photo by Ministry of SMEs and Startups]

This MOU is particularly regarded as reflecting Minister Oh’s experience as a diplomat. Minister Oh explained, "Having worked as an ambassador, I know the great advantages that overseas diplomatic missions have. Since a lot of information is basically gathered at these missions, I personally thought that if a support council operates there, our small and venture businesses could receive much more support than before, which led to the creation of the support council."

Regarding the promotion of ODA projects, Minister Oh emphasized, "There are various ways to support startups, but I believe that connecting the global growth ladder through the ODA track is possible. By conducting various projects in developing countries, startups can build track records that enable them to enter other markets such as the UN."

Minister Oh added, "If the two ministries break down walls one by one through support councils and start consultations, I believe we can create more cooperative projects. We have decided to establish a director-level consultative body between the two ministries, which will meet regularly to openly discuss the implementation of the MOU and the discovery of better projects."

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