Invest KOREA

Signed MOUs with Seoul, as part of strengthening cooperation with local governments, following Gyeongbuk, Gwangju
Expected to increase of overseas expansion of domestic SMEs and startups

KOTRA (President Yu Jeoung-yeol) and Seoul Metropolitan Government (Mayor Oh Se-hoon) signed an MOU for the promotion of cooperation at the Seoul City Hall on April 18.

This MOU, which is being promoted as part of strengthening economic cooperation between KOTRA and local governments, includes trade and investment. KOTRA signed MOUs with Gyeongsangbuk-do and Gwangju Metropolitan City in 2021.

By signing this MOU, it is expected that the two organizations would establish a closer cooperative relationship in marketing for export support, Korean companies' overseas expansion, and foreign investment attraction projects. Specifically, the two organizations will be pushing for △exchanging trade and investment trends and information △cooperation for the overseas expansion of SMEs and startups in Seoul △cooperation in attracting foreign investment and reshoring companies △ exchange of employees and revitalization of the local economy, and △ promotion of international and cultural exchanges.

In particular, KOTRA is planned to support overseas expansion of Seoul's SMEs and startups by utilizing the network of overseas trade centers, and the information exchange is expected to be strengthened in discovering local network and identifying overseas market trends.

Seoul Mayor Oh Se-hoon said, “I think it is the mission of the Seoul Metropolitan Government and the mayor of Seoul to help innovative companies grow and create good jobs that young people want. We expect to foster globally competitive companies and attract foreign capital through Seoul's competitiveness and cooperation with KOTRA's overseas network."

KOTRA's President said, "we expect to discover competitive SMEs and startups through this MOU, and KOTRA will actively support so as to contribute to globalization of domestic companies"

Meanwhile, KOTRA plans to continue its economic cooperation with local governments. On April 6, it built a cooperative relationship with Chosun University in Gwangju to expand overseas employment of the youth. It also is planned to hold a regional foreign investment attraction council with 6 regions including the southeast region and Chungcheong region, e.g., with Daegu on April 13. In addition, it signed MOUs with 5 cooperative organizations including the Ulsan Free Economic Zone Authority on April 14 to promote the growth and revitalization of new industries in Ulsan.



Source: Invest KOREA (April 19, 2022)