Together with the Ministry of SMEs and Startups and embassies abroad, we have stepped forward as a reliable international (global) partner for small and medium-sized enterprises and venture companies.
The Ministry of SMEs and Startups (Minister Oh Young-joo) and the Ministry of Foreign Affairs (Minister Cho Tae-yeol) announced that they held a breakfast meeting, “Approaching Economy and People’s Livelihood Diplomacy, Meeting between the Minister of SMEs and Startups and the Head of an Overseas Diplomatic Mission,” at Lotte Hotel on the 25th (Thursday). .
Today’s event is a follow-up measure to the business agreement * between the Ministry of SMEs and Startups and the Ministry of Foreign Affairs signed on April 1, and the diplomatic missions abroad, which are at the forefront of economic and people’s livelihood diplomacy, and the Ministry of SMEs and Startups cooperate to support small and medium-sized businesses and start-ups. It was prepared to discuss ways to support overseas expansion and development of new markets.
* Business agreement for cooperation in support of small and medium-sized venture companies entering the global market (April 1, 2024)
Minister of SMEs and Startups Oh Young-joo said that targeting overseas markets is essential for domestic small and medium-sized enterprises and venture companies to continue to grow and further drive the Korean economy, adding that they can systematically support them locally and provide necessary information in a timely manner. He emphasized the need for a system such as the ‘Small and Venture Business Support Council of Embassies Abroad’. In addition, he urged the Ministry of SMEs and Startups and diplomatic missions abroad to join forces to directly listen to the voices of small and medium-sized venture companies experiencing difficulties overseas and bring about tangible change.
Kim Hee-sang, Economic and Diplomatic Coordinator of the Ministry of Foreign Affairs, emphasized that, as the saying goes, ‘only when the roots are deep, the leaves grow lush,’ small and medium-sized enterprises and venture companies, which are the basis of industry and innovation, must be solid to pursue economic growth and stabilize the livelihood of the people. He requested that the heads of embassies strengthen their role as a bridge connecting Korean companies with overseas markets. In addition, he said that he hopes that today’s breakfast meeting will serve as an opportunity to explore practical support measures for Korean companies to enter the global market and to further strengthen cooperation between the Ministry of Foreign Affairs, the Ministry of SMEs and Startups and related organizations.
The Ministry of SMEs and Startups provides international (global) business (business) centers for heads of diplomatic missions abroad, K-start-up companies (startups) international (global) diversification (networking) support project for overseas diplomatic missions, and Korea Venture Investment (KVIC) overseas joint fund. We explain in detail the internationalization (global) promotion plans of related organizations in the field of small and medium-sized ventures, including (fund) operation plans, and promise to provide multifaceted policy support that heads of diplomatic missions abroad can utilize to help our small and medium-sized venture companies enter the global market. He requested special interest and cooperation from the heads of diplomatic missions in Korea.
Subsequently, at the site, heads of major overseas embassies and missions from around the world, including major export countries for small and medium-sized businesses such as Vietnam and Malaysia, countries where start-ups (startups) focus, such as San Francisco and Singapore, and new market regions such as Nigeria and Saudi Arabia, the Small and Medium Venture Business Corporation, and startups. With the participation of the Promotion Agency and Korea Venture Investment, active discussions took place on ways to support small and medium-sized enterprises and venture companies’ overseas expansion, such as cooperation between governments and utilization of local information and information networks.
Ambassador Ryu Je-seung to the United Arab Emirates said that the business agreement between the Ministry of SMEs and Startups and the UAE Ministry of Economy, which was signed under the presence of the leaders of the two countries, was revised (January 2023) * and the Korea-UAE Comprehensive Economic Partnership Agreement (CEPA) negotiations were concluded (October 2023). Stating that a favorable foundation for corporate trade activities has been established, the government expressed its intention to continue to strengthen close support for small and medium-sized businesses, including promoting support for small and medium-sized enterprises and venture businesses in collaboration with public institutions in each field, centered on the embassy.
* Small and medium-sized business/startup cooperation business agreement (‘23.1.15)
Ambassador Kim Pan-gyu of Nigeria expressed the opinion that Korean small and medium-sized businesses will be able to advance into the electric power, agriculture, and cosmetics fields. In particular, in order for Korean small and medium-sized businesses to successfully enter new markets such as Africa, a series of measures such as analysis of promising fields, field research, and consultation are required. It was emphasized that a systematic procedure should be established.
Ambassador to Vietnam Choi Young-sam said that in connection with the Vietnamese government’s plan to build a regional innovation center, we will expand the entry of Korean companies and expand cooperation with all ministries and related organizations to cultivate cutting-edge and skilled manpower, thereby expanding the world (global) of Korean small and medium-sized enterprises and venture companies. ) He said that he will strengthen his role as a partner for entering the market. In addition, he mentioned that there is a need to establish a high-level consultative body between Korea-Vietnam small and medium-sized venture ministries to stably support the rapidly increasing demand for Korean startups and small and medium-sized enterprises to enter Vietnam.
Accordingly, Minister Oh Young-joo said that one of the important roles of embassies abroad is to connect the host country’s government and companies, and the host country’s government and our government, and that overseas embassies in each country, including Vietnam, are actively seeking out local organizations that wish to collaborate with the Ministry of SMEs and Startups. I answered that I should do it.
Lim Jeong-taek, Consul General of San Francisco, said that on April 17, San Francisco launched the “One Team Council for Small and Medium-sized Venture Companies,” and that the Consulate General will be a key base for Korean small and medium-sized businesses and startups to enter the global market. Saying that they will continue to play their role, they requested support from the Ministry of SMEs and Startups and related organizations so that they can carry out projects that can provide practical help to companies entering the local market.
Minister of SMEs and Startups Oh Young-joo said, “Today’s meeting is another new attempt for solid cooperation between the Ministry of SMEs and Startups and the Ministry of Foreign Affairs, and a call for diplomatic missions abroad to act as reliable global partners for small and medium-sized enterprises and venture companies. “This is a place to ask again,” he said.
“The opinions you gave today will be included in the globalization support measures to be announced soon after further review, and based on this, we will take the lead in economic and people’s livelihood diplomacy by reaching out to small and medium-sized enterprises and venture companies together with the Ministry of Foreign Affairs and diplomatic missions abroad.” expressed.
Based on the results of today’s breakfast meeting, the Ministry of Foreign Affairs and the Ministry of SMEs and Startups will strengthen cooperation as partners for our small and medium-sized venture companies to enter the international (global) market.
Editor James
