MSS and MOFA of Korea Initiate Global Startup Support via Embassies
The Ministry of SMEs and Startups (MSS) and the Ministry of Foreign Affairs (MOFA) of Korea have launched the ‘K-Startup Global Networking Collaboration with Embassies Abroad’ to assist Korean startups in integrating into the local startup ecosystems. Seven foreign embassies have been chosen to execute ‘support projects.’
In 2024, the project will be implemented by seven overseas embassies, including those in Tunisia, the U.S. Consulate General in San Francisco, Saudi Arabia, the U.S. Consulate General in Seattle, the Vietnamese Consulate General in Ho Chi Minh City, Singapore, and Vietnam. These selected embassies will use local diplomatic networks to facilitate various programs, such as promotions linked to trade fairs, investment consultations, and startup meetings.
Last year, when the project was first launched, an average of KRW 30 million was allocated to 11 diplomatic missions to run various local programs. This year, the strategy has shifted towards selection and concentration, enlarging the average support budget rather than reducing the number of diplomatic missions involved. For more tailored support, systematic assistance from foreign diplomatic missions, well-acquainted with the local conditions, is deemed crucial.
The effort to support the global expansion of Korean venture startups and achieve a vibrant innovation startup ecosystem early this year began with the New Year’s Meeting for the Innovation Venture Industry on January 19, attended by ministers from both ministries. It was agreed that this is a paramount task.
To this end, the Ministry of SMEs and Startups, with its expertise in nurturing SMEs, venture companies, and supporting startups, and gathering private sector policy demands, alongside the Ministry of Foreign Affairs, which manages the overseas activities of government and public institutions through a global network of 167 embassies, have launched the Korea Venture and Startup initiative. They aim to optimize outcomes by integrating the capabilities of both ministries to help businesses achieve their dreams of starting operations abroad.
“In cases where it is difficult to achieve policy goals with only one ministry’s resources, close collaboration with related ministries is essential,” said Cho Kyung-won, director of startup policy at the Ministry of SMEs and Startups. “If so, performance can be maximized,” he said.
Kim Jin-dong, Director-General for Bilateral Economic Affairs of the Ministry of Foreign Affairs, said, “As a member of the economic ministry, the Ministry of Foreign Affairs also seeks to provide customized support services to Korean companies. We plan to discover and implement various collaborative projects.”
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