KITA News
  • KITA-LG International to Implement Startup Testbed in Indonesia
    2020-07-27 hit 1743

    KITA-LG International to Implement Startup Testbed in Indonesia

     

    -  A number of Indonesian large and medium-sized companies will participate will support for demonstration of innovative technologies and solutions for 2 months  -

     

    The Korea International Trade Association (Chairman: Kim Young-ju) and LG International (CEO: Yoon Choon-sung) set Indonesia as the global scale-up stage for Korean startups and start overseas test bed business.

     

    The two organizations signed a business agreement for global scale-up of startups linked with general trading companies in June. They also signed a three-party MOU for Voluntary Mutual Development and Cooperation Companies with the Ministry of SMEs and Startups on July 22nd and promised to support Korean startups’ expansion into overseas.

     

    This business provides opportunities for Korean startups to test their innovative technologies and solutions overseas. From Indonesia, a number of large and mid-sized companies in the field of finance, real estate, and energy, recruited utilizing LG International’s business network, will participate in the project. The selected startups will be matched with local investors and buyers and consumer response information will be also provided.

     

    For those startups that are interested in the business, applications will be accepted from July 27th to August 12th via the website (www.kita.net) of the Korea International Trade Association.

     

    The two organizations will continue to widespread new cooperation models between large and medium-sized companies and startups by combining the Korea International Trade Association’s 7,000 startup database as well as know-how to support overseas expansion with LG International's overseas networks.

     

    Shin Dong-hun, Managing Director of Solution 2 Business at LG International, said, LG International is making various efforts to come up with new collaboration and business models of the general trading company required by the New Normal Era, and added, We plan to provide the best solutions to ensure that the excellent assets and capabilities of promising Korean startups can successfully make inroads into the overseas market.

     

    Cho Sang-hyun, chief of Global Startup Center at the Korea International Trade Association, said, The test bed business is a win-win for both large and medium-sized companies and startups as it enables to test the technologies and solutions, and also mentioned, Since this is a good opportunity for Korean startups to show off their technologies on the global stage, we hope that many excellent startups will apply for the project.

     


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