Jungjinkong Opens Colombia Youth Startup Academy... Accelerating Latin America Development Cooperation

Second Location Following Uganda
Promoting Globalization of the 'Youth Startup Academy' Business Model

The Small and Medium Business Corporation announced on the 12th that it has opened a Youth Startup Academy in Bogota, Colombia. The opening of the Colombia Youth Startup Academy is a follow-up measure to the 2021 'Korea-Colombia Summit' and was promoted as an official development assistance (ODA) project by the Ministry of SMEs and Startups.

Through the Colombia Youth Startup Academy, the Small and Medium Business Corporation plans to focus on revitalizing local startups and supporting the entry of domestic small and medium enterprises into the Latin American market. Specifically, early-stage startups located in small towns and provinces will receive comprehensive support from startup to commercialization through the 'package-type education' method of the domestic Youth Startup Academy. Additionally, technology innovation companies located in major cities such as Bogota and Medellin will be provided with 'specialized education' by experts in fields such as export, investment attraction, and technology support.

Kim Il-ho, Global Growth Director (6th from the left), is taking a commemorative photo with officials from the Colombia Youth Startup Academy opening.

Colombia is the most populous country among the key cooperation countries for Latin American official development assistance, and startups have increased by more than 400% over the past 10 years. Furthermore, the capital city Bogota ranks second among Latin American cities in terms of foreign capital inflow.

Choi Won-young, Global Growth Policy Officer at the Ministry of SMEs and Startups, said, “The Ministry plans to expand ODA projects in the Latin American region to promote the development of small and medium enterprises and startups and to enhance exchanges between Korean and Latin American companies,” adding, “The establishment and operation of the Colombia Youth Startup Academy is a meaningful project that marks the starting point.”

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