The Ministry of SMEs and Startups announced that on July 28, local time, Deputy Minister Noh Yong-seok held a bilateral meeting with Brazilian Deputy Minister of SMEs Thiago Nakasio Pereira in São Paulo, Brazil, to discuss cooperation between the two countries.
The meeting aimed to outline the implementation of the 'Memorandum of Understanding (MOU) on Small and Medium Enterprises and Startups' signed during Brazilian President Luiz Inácio Lula da Silva's state visit to South Korea in February, and to build momentum for K-SMEs' entry into South America following the recent summit between the two nations' leaders.
Brazil, the largest economy in South America, is considered a gateway for entering the region. It is also a country where South Korean SMEs have seen steady growth in exports. According to the Ministry of SMEs, exports from small and medium enterprises to Brazil increased from $762.98 million in 2023 to $813.77 million in 2024, and reached $876.13 million last year.
During the meeting, both deputy ministers agreed on the necessity of cooperation to enhance the competitiveness of small and medium enterprises and startups, deciding to establish an 'official cooperation channel for SMEs and venture companies.'
They also expressed a shared commitment to promote the exchange of startup policies. Deputy Minister Noh introduced the Ministry's 'Everyone's Startup Project,' the recently opened Startup Venture Campus (SVC) in Seoul, and the global startup festival 'ComeUp,' proposing to enhance policy exchanges in the startup sector. Brazil expressed its intention to adopt South Korea's expertise in related policy support and its technology guarantee system for innovative SMEs.
Deputy Minister Noh stated, "This meeting will solidify the cooperative relationship between the two countries' policies supporting SMEs and startups, and we will spare no effort in providing policy support to help our companies secure new growth engines in the South American market, including Brazil."
* This article has been translated by AI.
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