South Korean startups and small- and mid-sized enterprises (SME) will be able to make easier inroads into India - a technology powerhouse - under the sponsorship from the two governments.

Korean government-funded Small & Medium Business Corporation (SBC) said on Wednesday it has agreed with its Indian counterpart National Small Industries Corporation (NSIC) to foster the growth of their startups and small- and mid-sized enterprises (SME).

As part of such efforts, SBC opened India-Korea Technology Exchange & Start-ups Conference 2018 on Tuesday (local time) in New Delphi, India, to introduce successful cases of Korean startups and SMEs and the organization’s support programs for them. The conference organized by the Korean Ministry of SMEs and Startups and managed by the SBC and the NSIC also offered a separate consulting session for Korean startups that are hoping to enter the Indian market, it added.

At the forum, SBC President Lee Sang-jik and NSIC Chairman and Managing Director Shri Ravindra Nath also signed a memorandum of understanding to cooperate on supporting businesses and exchanging technologies. The two under the agreement will seek measures to foster the growth of each country’s startups, build a systematic support program for them, exchange business delegations to each country and jointly hold supporting seminars.

The two bodies also inaugurated the India-Korea Technology Exchange Centre that will focus on providing practical support for SMEs in both countries on the same day. They agreed to initiate various projects for technology transfer and joint investments to aid promising Korean ventures’ fast entry into India.

By Shin Soo-hyun and Lee Ha-yeon

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