KOICA Establishes Startup Support Innovation Center in Ecuador with $9 Million Investment

Signing of Memorandum of Understanding... Consulting Provided for Public Innovation Institute and Innovation Industry Cluster Development

[Asia Economy Reporter Lim Cheol-young] KOICA is promoting a project to create a startup and technology-friendly environment in Ecuador.

On the 21st (local time), KOICA signed a Record of Discussion with Conquito, the Economic Promotion Corporation of Quito, Ecuador, marking the start of the "Project to Strengthen the Startup and Technology Innovation Support System through the Establishment of the Quito Innovation Center in Ecuador."

The signing ceremony was attended by Wilson Merino, CEO of Conquito; Jorge Yunda, Mayor of Quito; Agustin Alban, Minister of Higher Education, Science, Technology and Innovation of Ecuador; Lee Young-geun, Ambassador to Ecuador; and Han Geun-sik, Head of KOICA Ecuador Office.

The proportion of startups related to innovative technology among new companies in Ecuador is significantly lower compared to other Latin American countries with similar per capita GDP. Accordingly, KOICA will cooperate with Ecuador to establish an innovation center in Quito, the capital, to introduce innovative technologies for providing and producing high value-added services and to create an innovation industry cluster.

According to the Record of Discussion, KOICA will invest $9 million (approximately 10.7 billion KRW) from 2020 to 2027 to remodel a historic building of about 4,000㎡, the former Mariscal Sucre Airport passenger terminal located in downtown Quito, to establish an innovation center for startups and technology support.

Additionally, KOICA announced that to revitalize Ecuador’s innovation ecosystem, it will provide equipment support including a data lab within the innovation center, develop and operate innovative technology and service programs, and carry out essential policy development to promote the Fourth Industrial Revolution.

Furthermore, a public innovation research institute will be established within the innovation center to provide solutions for high-quality public services by collaborating with academia, the private sector, and civil society. Through this, it aims to present a role model of a virtuous cycle where private innovative technologies transform the public sector.

Lee Young-geun, Ambassador to Ecuador, said, “The innovation center construction project was promised during the first Prime Minister’s visit since the establishment of diplomatic relations between the two countries in 1962, and I hope this project will create great synergy by organically linking with other projects of the Korean government.” Han Geun-sik, Head of KOICA Ecuador Office, stated, “If the old Quito Airport was the runway for Ecuador to the world in the past, the Quito Innovation Center to be built there will be the innovation runway for Ecuador to soar toward a new future.”

Jorge Yunda, Mayor of Quito, said, “I am pleased that this project can be carried out in Quito, which produces 63% of Ecuador’s technology and software. The start of this project will be very good news for young people who have been despairing due to rising unemployment caused by the COVID-19 situation, and I express my gratitude to the Korean government and KOICA.”