By Diplomacy Journal Lee Kap-soo

IBK (Industrial Bank of Korea) has signed an MOU (Memorandum of Understanding) with the Luxembourg Embassy in South Korea.

IBK announced on June 11 that it has signed an MOU with the Luxembourg Embassy in South Korea to support the successful entry of IBK innovative startups into European markets and their local commercialization.

Through this agreement, IBK and the Luxembourg Embassy plan to jointly operate a program for domestic startups to enter the European market in the second half of this year.

The program will focus on supporting participating companies in securing practical opportunities to enter the European market through IR, local customized technology commercialization, market development, and local network building.

In particular, it plans to promote the global competitiveness of participating companies by combining technology matching based on local demand with investment attraction activities through events linked to government agencies.

IBK President Kim Sung-tae, who attended the agreement signing ceremony, said, “Based on this business agreement with Luxembourg, where the startup ecosystem is most active, we will provide more effective support for the expansion of Korean companies.”

He added, “We will take the lead in establishing a technology startup ecosystem so that startup companies can grow and become a driving force for national development.”