Up to 100 Million Won in Support for Rural Startup Teams... Promotion and Sales Spaces Also Provided

Ministry of Agriculture, Food and Rural Affairs Signs MOU with Seoul City, Lotte Card, and Shinsegae
to Support Youth Startups for Regional Coexistence

The government has decided to collaborate with the private sector to invigorate youth startup support programs and expand market opportunities for startup teams, as part of a newly launched initiative this year to establish a rural business ecosystem.

On May 13, the Ministry of Agriculture, Food and Rural Affairs announced that it had signed a "Business Agreement to Support Youth Startups for Regional Coexistence" with the Seoul Metropolitan Government, Lotte Card, and Shinsegae at Seoul City Hall.

At the business agreement ceremony held on the 13th at Seoul City Hall to support youth startups for regional coexistence, Minister of Agriculture, Food and Rural Affairs Song Miryung (sixth from the left) is taking a commemorative photo with the attendees. (Photo by Ministry of Agriculture, Food and Rural Affairs)

An official from the Ministry of Agriculture, Food and Rural Affairs stated, "This project was launched to prevent overlapping investments and create synergy with related organizations and the private sector, at a time when local startups are emerging as a key topic." The official added, "The agreement includes commitments to cooperate in revitalizing youth startup support programs linked to local communities, expanding market opportunities for startup teams, and promoting publicity and exchanges."

First, the Seoul Metropolitan Government will recruit young people in Seoul who wish to start businesses utilizing local resources, through the local youth startup support program (Next Local). The city will then provide customized support at each stage, including relevant education, resource survey expenses, and business funding, to nurture startup teams.

The Ministry of Agriculture, Food and Rural Affairs plans to help expand business models by providing up to 100 million won in follow-up growth funding to teams that launch businesses in rural areas after completing the program. Lotte Card will promote the startup teams by offering entry into "Thing Shop" (a Lotte Card member-exclusive online mall) and publicity through various events such as "Think Us Day," utilizing its ESG (Environmental, Social, and Governance) brand "Think Us." Shinsegae will support outstanding products with entry into the Gangnam branch of Shinsegae Department Store, as well as product development and consulting.

An official from the Ministry of Agriculture, Food and Rural Affairs said, "With this agreement, we will accelerate the development of rural business models in line with the rural extinction response strategy announced last year," and added, "We also plan to strengthen mutual cooperation with related organizations to create a startup ecosystem that utilizes the diverse resources of rural areas."