Amid growing interest amongst small tech and medium-sized enterprises in gaining access to the larger ASEAN markets, Singapore has agreed to aid Korea in its recent Infocomm Technology (ICT) development plans.
Korea has recognised Singapore for the maturity of its start-up organisational scheme, as it seeks funding for expansion into the Southeast Asian market.
A memorandum of understanding (MoU) was signed between the Infocomm Development Authority of Singapore (IDA) and the National IT Industry Promotion Agency of the Republic of Korea (NIPA) on 14 July to set these plans into place. The launch of the Korea IT Cooperation Centre in Singapore by the Republic of Korea’s Ministry of Science, ICT and Future Planning, in conjunction with the signing of the MoU, serves to affirm this partnership.
The IDA’s involvement will help to strengthen Korea’s plan to scale its ICT businesses on a regional level, as well as accelerate its ingress into ASEAN markets.
The nature of the MoU also introduces cooperation in terms of ICT policies, manpower development, and exchange of thought leadership, which will be beneficial alongside Singapore’s experience as a ‘strong accelerator and investor community’.
Furthermore, the collaboration will serve as a bridge between Singapore’s and Korea’s industries, encouraging growth in partnerships between the two. This synergy, together with Singapore’s recognition as an information and technology hub, may prove to provide large economic and social incentives to both countries as they continue to work in tandem in the long run.
“We expect to see interest from local and regional VCs and angel investors in such Korean start-ups and SMEs sourcing for funding” said Marcus Chow, partner of ATMD Bird & Bird.
“We believe this will present an interesting proposition for Korean companies looking to venture into Southeast Asian markets”, said Chan Sik Ahn, partner of Hwang Mok Park.
About Hwang Mok Park P.C.
Hwang Mok Park P.C., a leading law firm in Korea, entered into a cooperation agreement with Bird & Bird LLP in February this year. Hwang Mok Park’s strong base of multinational clients coupled with Bird & Bird’s extensive global network will prove to be mutually beneficial as they work towards further establishing their presence throughout Asia.
Partner, ATMD Bird & Bird
Chan Sik Ahn
Partner, Hwang Mok Park