Korea-UK Startups Strengthen Mutual Exchange and Cooperation

The Korea Institute of Startup & Entrepreneurship Development and the British Embassy in Korea are taking a commemorative photo after signing a business agreement.

[Asia Economy Reporter Donghyun Choi] The Korea Startup Promotion Agency has signed a Memorandum of Understanding (MOU) with the British Embassy in Korea to strengthen global expansion, exchange, and cooperation between startups in Korea and the United Kingdom.

According to the Korea Startup Promotion Agency on the 4th, the International Trade Department of the British Embassy in Korea supports various services to help domestic companies enter the UK market, including investment, corporate establishment, and business activities. It also provides information and services for UK-based companies to interact with Korea.

The main points of this MOU include ▲ exchange and cooperation in the startup ecosystem ▲ collaboration related to the Global Entrepreneur Program (GEP) for Korean companies entering the UK ▲ cooperation on inbound programs for UK companies entering Korea.

The Korea Startup Promotion Agency and the British Embassy in Korea have continued various collaborations to promote the global expansion of startups in both countries. Through GEP, a representative startup program of the UK International Trade Department, they plan to actively support domestic companies' entry into the UK market. The Korea Startup Promotion Agency also plans to support the entry of excellent UK and overseas startups into Korea through inbound programs and promote visa support for stable business activities.

The MOU signing ceremony was held with the attendance of Lord Grimstone, the UK Minister of State for Investment at the Department for International Trade. Lord Grimstone stated, "The UK is an optimal investment choice for Korean investors, especially in eco-friendly and sustainable projects," adding, "As the UK and Korea seek a tailored free trade agreement, I hope this MOU signing will enhance trade relations between the two countries and provide opportunities for more innovative Korean companies to enter the UK."

Kim Yong-moon, President of the Korea Startup Promotion Agency, said, "The UK has established the leading startup ecosystem in Europe and is a unicorn powerhouse," and added, "Through this MOU signing, the Korea Startup Promotion Agency will actively strive to help promising startups successfully expand into the UK and global markets."