Gangnam-gu signed an MOU with the Korea International Trade Association to nurture startups and support overseas advancement at the Startup Branch IR Center on the second floor of COEX on May 2.
The agreement is aimed at establishing and operating a cooperative channel for overseas networks, providing business convenience facilities, export support, sharing startup databases.
Gangnam-gu and the Korea International Trade Association will support the startup companies’ on and offline overseas marketing, as well as vitalization of startups in the government, such as a service to find and address difficulties and a demonstration day and investor attraction session. It will also push for joint events for startups.
Last year, the district was the first local government to carry out a project to activate the “Investor Relations” (IR) program that supports the entire process from the excavation of a good startup to the settlement, and attracted 3.6 billion won (about US$3.02 million) in investment and launching crowdfunding of five companies by supporting 20 companies.
It will also support promising startups with growth potential this year.
“Gangnam-gu has a concentration of 80 percent of local startup-related institutions such as startup support agencies and venture capital,” said Yoon Tae-jo, head of the job policy division.â€ The Gangnam-gu will nurture startup valley in Teheran Road to foster the city’s self-sustaining power and support companies with excellent technical skills to successfully make inroads into the global market.”