Ministry of SMEs Holds Event to Support Korean Companies' Global Expansion
Exchange Among Major Corporations, Startups, and Women Entrepreneurs from Both Countries
Some Regret Over President Yoon's Absence
Next Destination 'Middle East' Expresses Commitment to Continued Globalization
[Asia Economy Reporter Kim Bo-kyung] Lee Young, Minister of the Ministry of SMEs and Startups, returned home today (25th) after a week-long business trip to the United States. The theme of this journey was "K-Companies Expanding Globally." Our small and venture enterprises moved beyond the narrow domestic market to enter the global stage, laying the groundwork for expanded communication and exchange between businesspeople of both countries.
Not only domestic and international global giants such as Google, Oracle, and Hyundai Motor Company but also U.S. venture capitalists and academic figures from KAIST and New York University participated in this process. Minister Lee also conducted a live interview with local overseas broadcasters for the first time as a member of the Yoon Seok-yeol administration.
Starting from San Francisco, USA, on the 17th (local time), he spent a week visiting New York, Washington, and other cities, completing more than ten schedules over the week.
Looking at the main schedule, on the 18th, he held a meeting at the Korea Innovation Center located in Silicon Valley, where he met with Korean unicorn and startup representatives to hear about the difficulties of overseas expansion and shared experiences and know-how with domestic startups.
Minister Lee stated, "We promise support through active inter-ministerial cooperation so that companies can expand beyond the domestic market to the global market," adding, "We will collaborate with global companies and domestic conglomerates to share capabilities and infrastructure and strengthen global networks to create synergy effects."
On the 19th, he visited Google's headquarters and held a meeting with Donald Harrison, President of Global Partnerships and Corporate Development at Google. Since 2019, Google has partnered with the Ministry of SMEs and Startups to operate the Changgu (Startup + Google) program to support startups. Minister Lee achieved notable results by discussing with Google the expansion of the Changgu program to the deep tech sector and the establishment of a joint fund.
On the 20th, at New York University's Kimmel Center, he had a luncheon meeting with Lee Kwang-hyung, President of KAIST, Andrew Hamilton, President of New York University, and Kim Hak-do, Chairman of the Korea SMEs and Startups Agency.
At this meeting, KAIST and New York University concretized plans to establish an incubating center for Korean startups. The two universities have been pursuing the establishment of a joint campus at New York University. The purpose is to facilitate global business by hosting Korean early-stage startups there.
The Korea SMEs and Startups Agency plans to provide support from selecting companies for incubation to funding by sector and settling in New York for domestic startups.
That same evening, a press briefing was held in New York, where the Ministry of SMEs and Startups revealed its future plans and vision. Following the U.S., they expressed their intention to target the Middle East region, represented by "oil money," in the first quarter of next year to attract investment for K-Startups.
Additionally, amid the accelerating digital transformation through the Fourth Industrial Revolution, they announced an agenda to solve polarization issues and open an era encompassing the global economy through not just smart technology but wise technology.
The next day, on the 21st, a Startup Summit was held at Pier 17 in New York, where members of the Korean-American startup ecosystem gathered. Unfortunately, President Yoon Seok-yeol, who was originally scheduled to attend this event, did not participate, disappointing domestic and international attendees.
President Yoon had planned to attend the main events such as the "Korea-U.S. Joint Fund Establishment Ceremony" and the "K-Startup Joint Nurturing Ceremony" to empower companies dreaming of global expansion, but his attendance was canceled due to overlapping diplomatic schedules.
The Ministry of SMEs and Startups canceled the press release that had been prepared and distributed in anticipation of President Yoon's attendance and hurriedly sent out a revised press release via email.
Although the schedule was somewhat delayed while waiting for President Yoon, the event was successfully concluded. Vice presidents of global companies such as Google and Oracle, U.S. venture capitalists, and Korean startups gathered in one place to seek cooperation plans for global expansion.
Oracle plans to operate a joint nurturing program starting next year to help Korean startups grow by utilizing Oracle's technology and management know-how. They will support 20 startups in the fields of artificial intelligence and cloud computing.
Minister Lee said, "I deeply appreciate that Oracle, a global giant, has become a reliable partner for the growth of Korean startups during difficult times," and added, "The Korean government will actively support Oracle and Korean startups to help each other."
Our government's mother fund and U.S. venture capitalists agreed to establish a joint fund worth 300 billion KRW.
The Ministry of SMEs and Startups also held a "K-Brand Expo" in the U.S. market with 120 small and medium enterprises pursuing overseas expansion together with Lotte. This event introduced promising Korean products, mainly food and cosmetics, showcasing Korea's taste and style overseas.
That same evening, a Korean Wave concert featuring K-pop stars such as BoA, CIX, and WINNER was held, linked with a sales exhibition of small and medium enterprise products. Minister Lee said, "We will create more opportunities to approach people worldwide in a friendly way by collaborating various cultural contents such as K-pop, dramas, webtoons, and movies, which are loved globally, with small and medium enterprise products."
On the 22nd, about 50 Korean-American women entrepreneurs gathered to attend a conference discussing entrepreneurship and the role of women’s leadership. Minister Lee is also a first-generation female venture entrepreneur who has operated an IT company for 20 years.
After the event, he emphasized the importance of human infrastructure and solidarity among women entrepreneurs. He said, "This was an attempt to build human infrastructure centered on women entrepreneurs," adding, "Business is long and arduous. A sense of solidarity among people is necessary."
That afternoon, he conducted a live interview at the Bloomberg TV headquarters in the U.S. Minister Lee became the first cabinet member to have a live interview at a major overseas local broadcasting studio since the launch of the Yoon Seok-yeol administration. In the interview, he discussed the background of his visit to the U.S. and the startup policy direction amid the global economic downturn.
On the 24th, he moved to Washington DC and held a working-level meeting with Isabella Casillas Guzman, Administrator of the U.S. Small Business Administration (SBA). This meeting was the first since the Small Business Administration was upgraded to the Ministry of SMEs and Startups, aimed at building a foundation for our companies’ global expansion through strengthened policy cooperation between the two countries.
Minister Lee introduced cases of win-win growth where Korean startups collaborate with U.S. giants such as Google and AWS (Amazon Web Services) and emphasized the Ministry of SMEs and Startups’ efforts to connect the startup ecosystems of both countries. Both sides agreed on the great necessity of policy exchange and cooperation over the long term.
Meanwhile, Minister Lee expressed his intention to continue policy promotion for global expansion and investment attraction of our companies despite the unstable economic situation. He said, "There are people struggling due to the poor domestic and international economy, so we must overcome the crisis well, but we cannot deny that a tremendous opportunity for change is right before us."
He continued, "The Ministry of SMEs and Startups has a mission to lead investment while preparing for the future," emphasizing, "In such difficult circumstances, globalization is the only answer."
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