Korea and Israel signed an MOU (Memorandum of Understanding) on SME Cooperation on Nov. 22 in Jerusalem, paving the way to combine Korea's stable manufacturing base and marketing capacity with Israel's advanced original high-tech, notably in the IT, BT and green energy sectors.
With Israeli President Peres looking on at the Israeli presidential office, the milestone signing took place between Kim Dong-sun, Administrator of Small & Medium Business Administration (SMBA), and Binyamin Found Ben-Eliezer, Israel Minister of Industry, Trade & Labor (MOITAL).
The bilateral MOU signing was a follow-up to the Korea-Israel Joint Declaration on SMEs inked on June 12 this year on the occasion of Israeli President Peres' visit to Korea for a summit with Korean President Lee Myung-bak.
Under the MOU, the two countries agreed on the active exchange and sharing of SME policies as well as the exchange of SME technologies, aiming at enhancing technology exchanges and expediting venture investment between SMEs of the two countries.
SMBA Administrator Kim also attended the Korea-Israel and Israel-Korea Conference for Technology Exchange and Cooperation.
Around 600 Koreans and Israelis engaged in venture enterprises and venture capital participated in the event, featuring investor relations outreach for high-tech enterprises and partnering opportunities.
"It is of special significance that this event provides practical momentum to accelerate understanding and cooperation between venture enterprises and venture capitals of our two countries," Kim said.
On the occasion of this conference, Korea Venture Investment Corp (KVIC) and Technion Incubator and Vertex Venture Capital of Israel signed an MOU for exchanges and cooperation involving the speciality and know-how of fostering business start-up enterprises.
The combination of Technion Incubator, which is known as one of the most excellent incubators in Israel, and Korea Venture Investment Corp. (KVIC) is expected to serve as a catalyst for nurturing global high-tech enterprises through cultivation and investment in start-up enterprises in Korea and Israel.
SMBA Administrator Kim said, "The MOU signed is expected to boost private-level exchanges between our two countries. In this context, I would like to express my great appreciation to everyone involved in this successful cooperation program.
I also expect it to facilitate technology commercialization between the enterprises of the two countries and create synergy effects, including market expansion, and have huge effects on the horizon of industrial development of our two countries."
*Written by Kim Young-Tae, director of Overseas Marketing Division, SMBA, and Lee Cheong-rye, deputy director of the same SMBA division.