Ministry of SMEs and Startups Strengthens Cooperation with Italy for SMEs and Small Businesses

MOU Exchange Ceremony with Italy's MIMIT

Promoting Economic and Technological Cooperation

The Ministry of SMEs and Startups and the Italian Ministry of Enterprises and Made in Italy (MIMIT) have agreed to cooperate in supporting SMEs and small business owners.

Noh Yongseok, First Vice Minister of the Ministry of SMEs and Startups, is taking a commemorative photo after signing the 'Cooperation MOU for Small and Medium Enterprises and Small Business Owners' with Adolfo Urso, Minister of the Ministry of Enterprises and Made in Italy, at the MIMIT building in Rome, Italy, on the 11th (local time) (left: Adolfo Urso, right: Noh Yongseok, First Vice Minister of the Ministry of SMEs and Startups). Ministry of SMEs and Startups

On June 14, the Ministry of SMEs and Startups announced that an exchange ceremony for the “SME and Small Business Cooperation” Memorandum of Understanding (MOU) was held in Italy in the presence of both countries’ leaders.

With this MOU, the two countries have agreed to expand the scope of cooperation from SMEs to include manufacturing-based small businesses, and to strengthen the bilateral partnership by promoting exchanges between cooperatives in both countries.

Italy is recognized as a country with outstanding traditional manufacturing capabilities and global competitiveness in luxury goods, based on exceptional craftsmanship. In particular, SMEs form the backbone of the regional economy, and Italy enjoys a unique position in the global market thanks to its distinctive brand value and innovative technologies.

Italian cooperatives are characterized by a “network-type ecosystem” in which numerous small cooperatives are closely interconnected. This structure enables them to demonstrate competitiveness on par with large enterprises and is often cited as an ideal model worldwide.

The MOU between Korea and Italy includes measures to strengthen cooperation through exchanges between cooperatives in both countries, as well as to promote mutual economic and technological exchanges in the fields of SMEs and small businesses.

On June 11, First Vice Minister Noh Yongseok also held a bilateral meeting with Valentino Valentini, Deputy Minister of the Italian Ministry of Enterprises and Made in Italy. This meeting was arranged to further solidify both sides’ commitment to implementing the MOU and to continue practical cooperation between the two countries.

Vice Minister Noh stated, “I hope that Korea and Italy will become economic partners who combine their strengths to pioneer new markets and grow together,” adding, “We will continue exchanges with Italy and further expand the entry of our SMEs and small businesses into the European market.”

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