On the 26th, First Vice Minister Noh Yong-seok of the Ministry of SMEs and Startups (Minister Han Sung-sook) visited Japan. He visited the research facilities of global pharmaceutical company Astellas and facilities of Japan External Trade Organization (JETRO) resident companies, and discussed ways to expand cooperation between Korean companies and Japanese startups. This visit aimed to identify the challenges faced by SMEs expanding overseas and to enhance the effectiveness of policies to support the entry of foreign startups into Korea (inbound).
This morning, I visited Astellas SakuLab in Tsukuba and held a meeting with Astellas representatives and representatives of Korean bio ventures. Astellas is currently participating in the Ministry of SMEs and Startups' AroundX program on a pilot basis, following the 2nd Korea-Japan Bio Ecosystem Roundtable held in February of this year, and is fostering two Korean bio ventures through this program.
Vice Minister Roh met with companies operating in Sakulab and discussed their expectations for Korea-Japan biotechnology cooperation and the challenges they face in local R&D. He stated, "We will actively incorporate the challenges we identified locally into our future R&D support policies."
He then visited the Japan External Trade Organization (JEOMO), where he inspected the operation of its Foreign Enterprise Support Center and Business Matching Network, and held a meeting with Japanese startups hoping to expand into Korea. Vice Minister Roh stated, "The information gained from today's meeting will be crucial for enhancing the openness and competitiveness of the Korean startup ecosystem." He emphasized, "By identifying the challenges and opportunities faced by foreign companies entering the Korean market, we will create an environment that fosters a natural influx of global, innovative startups."
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