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MSS and MoFA of Korea Launch Consultative Bodies for Global SME Support

2024-04-21 2 min read


MSS and MoFA of Korea Launch Consultative Bodies for Global SME Support

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The South Korean Ministry of SMEs and Startups (MSS), in partnership with the Ministry of Foreign Affairs (MoFA), convened the inaugural meeting on April 17 to establish a support consultative body at four diplomatic missions: the Consulate General in Los Angeles, the Consulate General in San Francisco, the Embassy in Singapore, and the Embassy in Vietnam. This initiative follows a memorandum of understanding between the two ministries aimed at enhancing the global reach and competitiveness of SMEs and startups.

The consultative body, anchored by overseas missions, aims to bring together relevant institutions and the private sector to address the export challenges and market entry issues faced by SMEs and startups. The body includes representatives from local diplomatic missions, public agencies, both large and small enterprises, lawyers, and private experts. Notably, the San Francisco team includes representatives from 82Startup, a prominent K-Startup group in Silicon Valley, and in Los Angeles, five local governments, including JEONBUK STATE, have joined.

During the first meeting, operational plans for providing substantive support to Korean SMEs and startups in their global ventures, exports, and contracts were discussed. Future meetings will regularly address the ongoing challenges these enterprises face and review collaborative strategies among local agencies to boost global expansion.

Moreover, the Embassies in India and Ho Chi Minh City are poised to hold their first meetings in early May, and nine other missions, including Frankfurt, are making rapid progress in forming similar consultative bodies. By May, approximately 25 overseas missions are expected to have such bodies in place.

To ensure effective operation of these overseas bodies, MSS is also establishing a domestic ‘Globalization Support Consultative Body for SMEs and Startups.’ This domestic body will relay local insights from the overseas bodies back to Korea and pinpoint challenges faced by globally expanding companies, facilitating tailored solutions through the overseas missions.

Foreign Minister Cho Tae-yul remarked, “Launching these overseas consultative bodies is a significant step in producing tangible changes for our SMEs and startups expanding abroad. We are committed to enhancing our collaboration with MSS to deliver proactive, people-focused economic diplomacy.”

Minister of SMEs and Startups Oh Young-ju thanked MoFA for their prompt actions following the agreement and stated, “We will expediently complete the formation of the domestic consultative body and work in coordination with the overseas bodies to accelerate the global expansion of SMEs and startups.”

[정부(Government) 지원 소식 전체보기]

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