Kibo and European Investment Bank Join Hands to Support Innovative SMEs' Overseas Expansion

Discussion on Cooperation Measures through Business Meetings and On-site Visits

[Asia Economy Reporter Kim Cheol-hyun] The Korea Technology Finance Corporation (Chairman Kim Jong-ho, hereinafter referred to as Kibo) announced on the 20th that it has signed a Memorandum of Understanding (MOU) with the European Investment Bank (EIB) on supporting and cooperating for innovative small and medium-sized enterprises (SMEs) and mid-sized companies between Korea and the EU.

Through this MOU, both institutions will promote ▲joint research and development cooperation on technology evaluation models ▲exploring the possibility of joint investment in innovative SMEs between Korea and the EU (European Union) ▲seeking joint initiatives targeting developing countries, and establish a more organic cooperation system.

Kim Jong-ho, President of the Korea Technology Finance Corporation (eighth from the right), and Teresa Czerwinska, Vice President of the European Investment Bank (ninth from the right), are taking a commemorative photo after signing the agreement.

Since signing the MOU with EIB in 2017, Kibo has conducted pilot tests of its technology evaluation system on European technology companies, and based on this, was selected as the project operator for the EC (European Community) innovative SME evaluation tool development project, completing the development of a European-style model. Going forward, Kibo plans to discuss ▲joint research with EIB for advancing and globally utilizing technology evaluation models ▲strengthening support networks for domestic SMEs pursuing global expansion ▲ODA (Official Development Assistance) projects targeting developing countries.

On the day, a corporate meeting involving innovative SMEs was also held. Companies such as Ridibooks, Baram International, Wonik P&E, Irangtec, Tridge, and Floatron, which have established subsidiaries in Europe but are facing localization difficulties, as well as companies hoping to enter the European market, attended. Teresa Czerwinska, Vice President of EIB, provided detailed information on ▲financial support benefits ▲key investment areas such as climate technology ▲consulting services and other conveniences for localization to Korean companies entering Europe.

Kim Jong-ho, Chairman of Kibo, said, "We will continue to expand the scope of cooperation with EIB to actively respond to government policies for strengthening the global competitiveness of technology-based startups and supporting the overseas expansion of innovative SMEs."