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MOU Signing Ceremony between MSS and IDB

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Kang Sung-cheon, the Vice Minister of SMEs and Startups, signed an MOU with the President of the Inter-American Development Bank, MAuricio Claver-Carone, on April 28, 2022, at the headquarters of the IDB to enhance cooperation in SME-related sectors.

The goal of the agreement is to vitalize exchanges and cooperation for innovative startups with the Latin American and Caribbean region (LAC), which holds great potential for future demand growth.

The LAC region is well known for its abundant natural resources and economic growth potential. The region has been witnessing a drastic increase in the size of VC funds and investment in fields such as fintech and e-commerce since 2021. The market for breakthrough technology is fast growing with the rising number of unicorns in the region, from 4 in 2018 to 31 by the end of 2021.

Mr. Kang asked his ministry to take this momentum to upgrade its cooperation level with the IDB, as the number of technology-based joint ventures between Korea and the bank is growing.

While sharing Korea's innovative startup policies and creating joint venture funds with the bank, MSS is planning to actively pursue ODA projects with LAC countries.

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