The Ministry of SMEs and Startups said on the 14th that, under the observation of the two countries' leaders in Italy, it exchanged a memorandum of understanding (MOU) on "cooperation for small and medium-sized enterprises and microbusiness owners" with the Italian Ministry of Enterprises and Made in Italy (MIMIT).
Through this MOU, the existing cooperation scope centered on small and medium-sized corporations will be expanded to microbusiness owners in manufacturing, and exchanges between the two countries' cooperatives were included on the cooperation agenda. Korea and Italy plan to further strengthen the foundation for cooperation in the fields of small and medium-sized corporations and microbusiness owners.
Italy is regarded as a country leading the global luxury industry based on its manufacturing capabilities. Small and medium-sized corporations serve as a key pillar of the regional economy and, with unique brand value and technological prowess, have secured competitiveness in the global market.
In the cooperative sector as well, Italy has a network-type structure in which many small cooperatives are in consolidation. It is cited as a cooperative model that overcomes scale limitations and demonstrates high competitiveness.
The memorandum of understanding includes measures to expand exchanges between the two countries' cooperatives and to promote economic and technological cooperation in the fields of small and medium-sized corporations and microbusiness owners.
Before the MOU exchange ceremony, First Vice Minister Noh Yong-seok of the Ministry of SMEs and Startups (MSS) met with Valentino Valentini, Italy's Vice Minister of the Ministry of Enterprises and Made in Italy, to discuss cooperation plans between the two countries. They agreed to make cooperation in the fields of small and medium-sized corporations and microbusiness owners more concrete and to push ahead with cooperative tasks such as sharing policies for microbusiness owners and expanding exchanges between cooperatives.
Vice Minister Noh said, "I hope Korea and Italy will combine their strengths to pioneer new markets and become economic partners that grow together," adding, "We will continue exchanges with Italy and further expand the entry of domestic small and medium-sized corporations and microbusiness owners into the European market."