Korea and Belgium to Pursue First Intergovernmental Cooperation in SME Sector Since Diplomatic Ties

Ministry of SMEs and Startups Signs MOU on "Cooperation for SMEs and Startups" with Belgium

For the first time since the establishment of diplomatic relations, South Korea and Belgium are promoting intergovernmental cooperation in the field of small and medium-sized enterprises (SMEs). This move is being hailed as opening a new horizon for Korean SMEs and startups seeking to enter the European market.

According to the Ministry of SMEs and Startups, on June 10 (local time), it signed a memorandum of understanding (MOU) on "Cooperation for SMEs and Startups" with Belgium’s Ministry of Small and Medium-Sized Enterprises and the Self-Employed. Belgium is a geographical center of Western Europe and a key gateway to the European market. The country boasts excellent startup infrastructure and a business-friendly environment, and its deep-tech startup ecosystem, centered on innovative SMEs, is especially robust. As a result, there has been a growing need to utilize Belgium as a strategic base and outpost for Korean SMEs and startups expanding into Europe.

Noh Yongseok, First Vice Minister of the Ministry of SMEs and Startups (left), and Eleonore Simone, Minister of Small and Medium Enterprises and Self-Employed of Belgium, are taking a commemorative photo after signing a memorandum of understanding. Ministry of SMEs and Startups

The MOU includes provisions to strengthen support for SMEs and startups through bilateral policy dialogue. It also incorporates plans for professional talent exchanges, technological cooperation, and business matching initiatives between the two countries.

After the signing ceremony, Noh Yongseok, First Vice Minister of the Ministry of SMEs and Startups, and Eleonore Simone, Minister of Small and Medium-Sized Enterprises and the Self-Employed of Belgium, held a bilateral meeting. During the meeting, they discussed ways to expand policy exchanges and expressed the need to promote startup cooperation by leveraging Belgium’s business resources and Korea’s advanced technological capabilities. Vice Minister Noh also created opportunities for bilateral exchange by inviting Belgian government officials and startups to participate in 'COMEUP 2026,' a large-scale global startup event to be held in Korea in December.

Vice Minister Noh also introduced the "Startup for All" project, which the Ministry of SMEs and Startups has been pursuing since this year to usher in a new era of national entrepreneurship, as well as the Startup Venture Campus (SVC) Seoul, a global startup collaboration space launched in May. He proposed expanding policy exchanges between the two countries.

Vice Minister Noh stated, "Belgium is referred to as the 'heart of the European Union,' offering world-class research infrastructure and a business-friendly environment. Through this partnership with the Belgian federal government, we will establish a more practical and dynamic cooperation framework to support the expansion of Korean SMEs and startups into the European market."

This content was produced with the assistance of AI translation services.