ITC and KOSME to support entrepreneurship and start-ups in developing countries
(Geneva) The International Trade Center (ITC) and the Korea SMEs and Startups Agency KOSME have signed a letter of intent for a joint initiative that will promote start-ups and their ecosystems in developing countries. Both organizations recognize the importance of youth entrepreneurship and an enabling start-up ecosystem, especially in developing countries, to increase employment and encourage economic innovation.
Under the letter of intent, the two institutions will work closely together to design a Youth Startup Academy in Uganda. KOSME has been running a Youth Startup Academy in Korea since 2011 that shows successful start-up survival and growth rates.
KOSME’s experience and knowledge in managing the Academy in Korea will be used for other projects in developing countries. The Uganda Academy is expected to strengthen the competitiveness of entrepreneurs and start-ups in the country and promote interaction with the Korean start-up ecosystem.
Hak-do Kim, President of KOSME, and Pamela Coke-Hamilton, Executive Director of the International Trade Centre, signed the letter of intent at a ceremony held at ITC HQ in Geneva. From the Permanent Mission of the Republic of Korea in Geneva, HE. Ambassador Taeho Lee attended to congratulate and encourage the partnership. It is planned to sign the new Agreement in early 2022.
“KOSME welcomes ITC as a joint partner for developing countries. Through this cooperation, we expect to contribute to improving the business environment of young entrepreneurs in developing countries by sharing Korea's experience of entrepreneurship and start-up ecosystem development, using ITC’s extensive global network in 128 countries.”
Hak-do Kim, President of KOSME
“We are delighted to build a partnership with KOSME, which has a long history in supporting small and medium-sized enterprises (SMEs) and great expertise in this area. In particular, KOSME experience with the Youth Startup Academy programme in Korea will be a great complement to ITC’s activities in developing countries.”
Pamela Coke-Hamilton, Executive Director of the International Trade Centre
Note for the Editor
KOSME is is a non-profit, government-funded organization established to implement government policies and programs for the sound growth and development of Korean SMEs. As an affiliated institution of Ministry of SMEs and Startups of Korea, the KOSME has dedicated its energy to support the stable management and growth of SMEs and startups since its establishment in 1979.