Korea and China to establish a growth platform for global start-ups… Gyeonggi Province and Hangzhou signed an execution agreement.

Createdd 2019-11-05 Hit 19


○ On the afternoon of the 10th, Gyeonggi Province and Hangzhou City signed an execution agreement to cooperate for the creation global start-ups
○ The two parties agreed to support innovative start-ups from both countries so that they may enter the global market through mutual communication, exchange, and cooperation.
– This will involve the establishment of cooperative overseas offices for start-ups, joint holding of global start-up contests, and the creation of investment funds.

Gyeonggi Province and Hangzhou City are forming and enforcing a cooperative system to support Korean and Chinese start-ups in entering the global market. The effort will involve the establishment of cooperative overseas offices for start-ups.

On the afternoon of the 10th, Gyeonggi Province and Hangzhou City signed an “Execution Agreement on Cooperation for Global Start-ups” at Novotel Ambassador Suwon which contained the following:

The event on that day was attended by 25 representative from Korea and China; including Lee Hwa-soon, the Second Administration Deputy Governor; Zhan Guoping, Deputy Secretary General of Hangzhou Municipal Government; Lim Keun-jae, the Executive Director of Gyeonggi Business & Science Accelerator; Lee Gyeong-jun, the President of Gyeonggi Center for Creative Economy & Innovation; Ko In-jeong, the Vice President of Advanced Institutes of Convergence Technology; Fung Lei, the Vice President of the Department of Science and Technology in Hangzhou.

The signing of the agreement came following discussions shared when the Gyeonggido representatives visited Hangzhou in July, earlier this year, seeking cooperation for start-ups, which itself came after the establishment of the Gyeonggido-Hangzhou Start-up Global Cooperation Agreement in January of this year.

The agreement contains Gyeonggi Province and Hangzhou City’s good will in actively promoting the mutual development of start-ups from the both countries so that they may enter the global market, including the Korean and Chinese markets, through mutual communication, exchange, and cooperation.

The agreement was made by 7 institutions, including the municipal governments of Gyeonggido and Hangzhou, the Gyeonggi Business & Science Accelerator, Gyeonggi Center for Creative Economy & Innovation, Advanced Institutes of Convergence Technology, Hangzhou Advanced Technology Investment Co., Ltd., and the Hangzhou Global Innovation Center.

In the agreement, the two municipal governments agreed to establish overseas offices to facilitate cooperation according to demand and the requests of start-ups, and to make an earnest effort to hold regular joint cooperation meetings. In addition to this, they also discussed ways to share resources such as work space, facilities, funds, technology services, and more through the interactions between “incubation base points” in the regions.

Furthermore, the two parties will strive to make joint investment in start-ups which are in their early stages, and to integrate resources and capacities in order to create “special investment funds” to help excellent start-ups from the two countries penetrate the global market. In addition to this, they also agreed to jointly hold “Global Start-up Contest” to encourage information sharing, exchange, and interaction between Korean and international start-ups, investors, and entrepreneurs.

Lee Hwa-soon, the Deputy Governor, said, “I hope today’s event becomes a starting point for us to promote mutual development, and start-ups’ penetration into the global market through the start-up related platforms to facilitate exchange and interaction. Please keep paying attention so we could find more areas for cooperation going into the future. Gyeonggido will continue doing our best.”

Zhan Guoping, Deputy Secretary General, replied, “I hope Hangzhou and Gyeonggi Province continue to build a friendly relationship, for long time, in various areas including the economy, scientific technology, the workforce, and so on. We will try our best to help companies based in Hangzhou establish a presence in Gyeonggi Province. Let’s continue to promote dialogue and cooperation between us”

Meanwhile, Hangzhou is one of the three major start-up incubation and investment cities in China with 26 unicorn companies that have an estimated net value exceeding USD one billion. It is also the city where the largest e-commerce business in China, Alibaba, has its headquarters.