Singapore and South Korea sign agreements to support startups and SMEs

By Natasha Spencer

- Last updated on GMT

Singapore and South Korea sign agreements to support startups and SMEs
With a spotlight on entrepreneurial start-ups and small and medium enterprises, Singapore and South Korea have entered into two memorandums of understanding (MOU).

On 12th July, Singapore and South Korea signed two agreements to advance bilateral trade and investment opportunities, along with enhancing collaboration between brands in a variety of industries including consumer goods companies.

The official pacts were agreed and finalised during South Korean President’s Moon Jae-in visit to Singapore, who visited with Singapore's Prime Minister Lee Hsien Loong.

Landing pads

Keen to provide both SMEs and startups with infrastructure and network to build their business, connect with local entrepreneurial and innovation groups and create partnerships, Enterprise Singapore and Ministry of SMEs & Startups (MSS) in South Korea have teamed up, Business Times revealed​.

The start of these landing pads will be set up by MSS in Singapore by the end of 2018. Joining partnerships with other business-related organisation such as Action Community for Entrepreneurship (ACE) will assist with this business growth.

Markets and investment

The second agreement between Singapore and South Korea will see Enterprise Singapore and Korea Trade-Investment Promotion Agency (KOTRA) improve market access and routes to achieving investment.

Lifestyle, consumer and e-commerce industries will form key industries that will receive support. In this partnership, KOTRA will promote Singapore companies’ investments and operation growth in South Korea.

“Singapore-South Korea economic relations have been growing steadily over the years,”​ explained Png Cheong Boon, Chief Executive, Enterprise Singapore.

“It is important for us to build stronger ties by catalysing a greater exchange of ideas, technology and investment flows that companies from both countries can leverage as they grow and globalise their businesses.”

Wider startup and SME efforts

Earlier in July, South Korea’s Ministry of SME and startups unveiled a technology exchange centre in New Delhi, India, also, Yonhap reported​. The collaboration between South Korea and the Indian capital are contributing towards additional efforts to increase bilateral trade and investment.

The centre launch comes as the two countries entered into a bilateral agreement in March 2017 to conduct a trial project for technology-based exchanges between small and medium-sized enterprises (SMEs).

"We plan to offer active support for our SMEs' efforts to diversify their export markets and make inroads overseas through technological cooperation with India,"​ shared Hong Jong-haak, SMEs Minister for Seoul, Yonhap reported.

"I hope that technical exchanges among the SMEs of the two countries will help advance India's manufacturing industry to a higher level, create more jobs and help the local economy.”





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