EU launches business hub to connect startups with Korean companies

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EU launches business hub to connect startups with Korean companies

Published: 07 Oct. 2024, 16:35

SARAH CHEA
chea.sarah@joongang.co.kr

European Union Ambassador to Korea, Maria Castillo Fernandez, explains the EU Business Hub program during a launch event Monday in central Seoul. [EU BUSINESS HUB]

With Europe accelerating its green and digital transition, the European Union (EU) has launched a four-year program aimed at connecting European startups with Korean companies to foster economic partnerships and boost exports.

The EU Business Hub program, fully funded by the EU, plans to organize 10 business matchmaking events over four years, inviting European startups and small- and medium-sized enterprises (SMEs) specializing in digital solutions and low-carbon technologies.

This program will facilitate interactions with Korean companies through coaching sessions, exhibitions and networking events, promoting new business opportunities.

Around 50 European startups and SMEs will be selected based on specific criteria for each round, totaling approximately 500 firms expected to visit Korea by 2027.

"The EU Business Hub is designed to create a platform for collaboration between European SMEs and startups and stakeholders in Korea," said European Union Ambassador to Korea Maria Castillo Fernandez at the launch event Monday in central Seoul. "This will provide Korean companies with networking opportunities with global partners and showcase numerous technologies from Europe."

Participants will receive additional support, including accommodations and logistics services. The EU is investing 15 million euros ($16 million) in the program in Korea, more than double the funding of a similar initiative launched in Japan.

Currently, the EU is selecting participating European companies for Digital Solutions Korea 2024, the first round under the EU Business Hub program. This event is scheduled for December at the Sofitel Ambassador Seoul Hotel in southern Seoul.

BY SARAH CHEA [chea.sarah@joongang.co.kr]