SEOUL, Jun. 11 (Korea Bizwire) — The South Korean Ministry of SMEs and Startups signed a memorandum of understanding with the Finnish Ministry of Economic Affairs and Employment to establish a Korea Startup Center (KSC).
The ministry also plans to conclude a similar agreement with the Swedish Ministry of Enterprise and Innovation on Saturday.
Finland is famous for SLUSH, the world’s largest startup festival, and Supercell, a mobile games developer.
Sweden is also known as one of the top countries for startups as nine unicorn companies, or startups with over US$1 billion in value, have been established in Sweden.
KSCs in Finland and Sweden will be designed as shared offices, where various networking opportunities, including investors conferences by companies from South Korea, Finland, and Sweden, will be provided to encourage communication and innovation among local startups and investors.
Along with the establishment of the KSCs, South Korea plans to work with the two countries to exchange information on the startup environment and strengthen related capabilities, which will help South Korean startups to enter the Scandinavian market.
“KSCs will be first built in Seattle in August, in Gurgaon, India in September, and Finland and Sweden next year, which will accelerate globalization of South Korea’s startups and venture capital,” said the ministry.
H. M. Kang (email@example.com)