Ministry of SMEs and Startups Launches 'K-Founders Network' in India... "Expanding K-Startup Entry into India"

The Ministry of SMEs and Startups is launching the 'Global K-Founders Network' by meeting with Korean entrepreneurs who have entered the Indian market, aiming to expand its collaboration framework with global investors.

Noh Yongseok, First Vice Minister of the Ministry of SMEs and Startups, Yonhap News Agency

원본보기 아이콘

On April 21, the Ministry announced that it held the 'Global K-Founders Network in India Launch Ceremony' at the Global Business Center (GBC) in New Delhi, India, bringing together Korean entrepreneurs who have established a presence in the local market.

The 'Global K-Founders Network' is an international project initiated this year by the Ministry of SMEs and Startups, designed to connect Korean entrepreneurs and investors active across the globe into a single network.

The Ministry has selected India, with its massive domestic market and outstanding human resources, as the first hub for this initiative. Going forward, exchanges will be expanded to major countries including the United States, Europe, and Southeast Asia. The goal is to build a sustainable, private sector-led international cooperation system, enabling Korean entrepreneurs worldwide to support and uplift one another wherever they may be.

During a follow-up meeting with local business leaders, Noh Yongseok, 1st Vice Minister of the Ministry of SMEs and Startups, listened attentively to the practical challenges Korean companies face in India, such as licensing issues and developing local sales channels. Vice Minister Noh stated, "By immediately reflecting the voices from the field in our policies, the government will serve as a reliable guide to ensure our companies do not face insurmountable barriers in their endeavors."

In the afternoon, Vice Minister Noh visited the Indian Institute of Technology (IIT) Delhi, the country’s premier institution for cultivating elite talent, and held discussions with the university president. This visit follows Minister Han Seong-sook’s trip to Tsinghua Science Park at Tsinghua University in China last January, and reflects the Ministry’s efforts to expand cooperation with global university-based startup ecosystems.

Vice Minister Noh exchanged in-depth views on the role of universities and technical startup collaboration to invigorate the startup ecosystems of both countries. Startup representatives from both Korea and India also participated in the meeting, engaging in lively discussions on strengthening cooperation and expanding mutual market entry within the startup ecosystem.

Vice Minister Noh introduced the 'Startups for All' policy, conveying the strong interest and passion of Korean entrepreneurs to their Indian counterparts. The Indian Institute of Technology expressed strong agreement with Korea’s commitment to fostering entrepreneurship.

To ensure that the cooperation measures discussed would lead to tangible results, the Korea Institute of Startup & Entrepreneurship Development and the Foundation for Innovation and Technology Transfer (FITT) under IIT Delhi signed a memorandum of understanding (MOU). This agreement is expected to play a key role in facilitating exchanges and technological cooperation between promising companies in both countries.

Noh Yongseok, 1st Vice Minister of the Ministry of SMEs and Startups, commented, “If India’s outstanding human resources and Korea’s innovative startup capabilities are combined, it will create powerful synergy. We will further solidify cooperation between the startup ecosystems of our two nations so that Korea’s 'Startups for All' initiative can thrive successfully on the global stage.”

© The Asia Business Daily(www.asiae.co.kr). All rights reserved.