The Ministry of SMEs and Startups announced on June 14 that it signed a memorandum of understanding with Italy's Ministry of Enterprises and Made in Italy (MIMIT) on June 12 in Rome, with the leaders of both countries present.
This memorandum expands the existing cooperation framework focused on small and medium enterprises to include manufacturing-based small businesses. It also includes provisions for mutual exchanges between cooperatives.
Italy is a country where small and medium enterprises are central to the local economy. Notably, local cooperatives operate within a 'network ecosystem' that connects various small cooperatives, allowing them to compete on par with large corporations and gain global recognition.
Prior to the agreement, the Ministry of SMEs and Startups and MIMIT held a bilateral meeting to solidify their commitment to implementing the memorandum and promised practical cooperation.
No Yong-seok, First Vice Minister of the Ministry of SMEs and Startups, expressed hope that Korea and Italy would become economic partners that grow together, stating, "We will further expand the entry of our small and medium enterprises into Europe through continuous exchanges."
Additionally, the Ministry hosted the 'K-Beauty Glow Week in Rome' from June 12 to 13, providing opportunities for promising K-brands to promote themselves in Europe. Ten small brands with strong export performance in the beauty, clothing, and lifestyle sectors participated in the event.
* This article has been translated by AI.
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