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
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.”