The Ministry of SMEs and Startups met with Korea-based startups that have entered the Indian market to discuss ways to expand cooperation. The plan is to link the Korea-India cooperation base for small and venture businesses, prepared on the occasion of last month's summit diplomacy, to support for startup corporations.
The Ministry of SMEs and Startups (MSS) said on May 15 it held a luncheon roundtable in Yongsan District, Seoul, presided over by Minister Han Seong-sook, with Korea-based startup corporations that have entered India, and listened to the local market situation and needs for policy support.
The roundtable was arranged as a follow-up measure to the Korea-India small and venture business cooperation events pursued during last month's state visit to India. Startup leaders who accompanied the local itinerary attended and shared the business environment they felt in the Indian market and opinions on institutional improvements. Policy support measures were also discussed, including overseas expansion support policies tailored to India, the need for joint Korea-India venture investment, and expanding institutional support for overseas startup corporations.
The Ministry of SMEs and Startups (MSS) signed a memorandum of understanding (MOU) on cooperation in the field of small and medium-sized enterprises with India's Ministry of Micro, Small and Medium Enterprises on Apr. 20 in New Delhi, India, on the occasion of the Korea-India summit.
The Ministry of SMEs and Startups (MSS) also held the Korea-India venture and startup corporations employment and startup fair to expand talent exchanges in venture and startup corporations. Stakeholders in the startup ecosystems of both countries took part in the event and discussed ways to boost exchanges. A briefing on domestic employment and startup support policies and a showcase of startups entering India were also held.
In addition, a launch ceremony was held for Global K-Founders Network India, and efforts were made to lay the groundwork for cooperation between local Korean entrepreneurs and investors. Going forward, based on the cooperation network built on the occasion of this visit to India, there are plans to expand support for local entry by domestic startups.
Minister Han Seong-sook of the Ministry of SMEs and Startups (MSS) said, "India is an important strategic market that is growing on the basis of world-class tech talent and a massive domestic market," adding, "If the excellent technological prowess of domestic startup corporations meets India's abundant talent and market potential, it could generate a strong synergy effect."
She added, "There are also plans to visit India's major innovation hubs in the near future to explore ways to achieve consolidation of the Korea-India startup ecosystem," and "We will expand two-way exchanges between the two countries so that India's outstanding talent can participate in Korea's venture and startup corporations ecosystem."