Expanding Startup Networks in the Asia-Pacific Region... Strengthening Cooperation through APEC

Outcomes of Bilateral Meetings at the APEC SME Ministerial
Discussion on Cooperation for Peru’s Parent Fund Model and Startup Center
Pursuing Renewal of Cooperation MOUs with China, Vietnam, and Others
Expanding Startup Exchanges with Japan, Taiwan, and Malaysia

The Ministry of SMEs and Startups announced that, in conjunction with the 30th Asia-Pacific Economic Cooperation (APEC) Small and Medium Enterprises Ministerial Meeting and SME Week held in Jeju from September 1 to 5, it held bilateral meetings with major countries including Peru, China, Indonesia, Vietnam, Japan, Taiwan, and Malaysia to discuss cooperation measures and follow-up actions for SMEs and startups.

First, last year’s APEC chair country, Peru, expressed interest in the ministry’s parent fund and startup investment expertise. Upon learning that a Korea Startup Center (KSC) had been established in Peru, the Peruvian side requested that the ministry consider establishing a KSC in their own country as well. The ministry plans to review this at the working level.

Participants attending the 30th Asia-Pacific Economic Cooperation (APEC) SME Ministerial Meeting held in Jeju on the 5th are taking a commemorative photo. Ministry of SMEs and Startups

With China, the ministry decided to strengthen local market entry by signing a memorandum of understanding (MOU) between the Korea SMEs and Startups Agency and China’s Development Promotion Center. Both sides discussed renewing the Korea-China SME and startup cooperation MOU and agreed to jointly promote startup exchange events, including inviting Chinese participants to the COMEUP event scheduled for December.

Indonesia is currently building an Indonesia-style TIPS (Tech Incubator Program for Startups led by private investment) and an integrated platform to support small business owners. The two countries agreed to expand policy exchanges related to these initiatives and to renew their MOU on SME and startup cooperation.

With Vietnam, the two sides agreed to jointly host a Smart Manufacturing Innovation Forum in the fourth quarter. They will cooperate in advancing smart manufacturing innovation and establish a collaboration system between Vietnam’s NRC and the Korea SMEs and Startups Agency. On the occasion of high-level exchanges, the second Korea-Vietnam SME Committee will also be held.

Japan and Malaysia also agreed to actively promote exchanges, including participating in startup events hosted by both countries. Taiwan expressed interest in Korea’s policies supporting artificial intelligence (AI) startups and overseas expansion of startups, and both sides will work to promote startup exchanges and cooperation.

Minister Oh Youngju stated, "Based on the achievements of the bilateral and multilateral cooperation discussed at this meeting, we will provide strong support so that our SMEs and startups can achieve even greater success on the global stage, beyond the Asia-Pacific market."

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