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The First Korea-Russia Innovation Working Group Meeting To Be Held (September 12)

- Promote joint technical cooperation projects to support SMEs, venture companies, and start-ups

- Vitalize start-up exchanges by sharing innovation policies and holding startup exchange events.

The Ministry of Science and ICT announced on September 12 that the Ministry held the first Korea-Russia Innovation Working Group Meeting* with the Ministry of Economic Development of the Russian Federation in Vladivostok, Russia.

* (Head of the delegation) (KOR) Vice Minister Lee Jin-Gyu of MSIT (RUS) Vice Minister Sergei Gorkov of the Ministry of Economic Development

The two sides signed an MOU on Cooperation in the Fields of Science, Technology, and Innovation at the third Eastern Economic Forum in September 2017 and agreed to strengthen cooperation in an effort to help create an innovation ecosystem by promoting exchanges of innovation institutes and nurturing innovation companies including start-ups and venture companies who combined the excellent technologies and ideas from both nations.

It is worth noting that the president Moon Jae-in set to establish a Korea-Russia Innovation Platform* to support innovation cooperation between the two countries during the presidential visit to Russia in June. Accordingly, the practical cooperation projects were discussed during the first Innovation Meeting.

* MOU on Establishing an Innovation Platform between Korea and Russia includes the followings: Facilitating technical cooperation; exchange between start-ups and supporting joint ventures; and supporting activities of SMEs and venture companies.

On the occasion of the Fourth Eastern Economic Forum from September 11 to 13, the first Innovation Meeting was held to discuss ways of supporting technical cooperation of SMEs and venture companies from both nations through a Korea-Russia Innovation Platform operation plan; support for innovative start-ups and venture companies; and creation of joint funding.

First, both sides agreed to establish a cooperation system between specialized institutes of the two nations in order to operate a Korea-Russia Innovation Platform and to closely work together to lay out and implement mid-and long-term cooperation projects such as building a Korea-Russia innovation cooperation roadmap.

The Russian side, meanwhile, is to establish specialized institutes in both Korea and Russia, which can serve as a counterpart of the Korea-Russia Innovation Center in Korea and the Korea-Russia S&T Cooperation Center in Moscow.

Both sides recognized the necessity of cooperation to nurture start-ups and venture companies in order to create new growth engine and promote innovation growth while sharing the innovation and start-up support policies.

In addition, the two nations agreed to hold exchange events in Korea and Russia twice a year from next year to promote exchanges between start-ups and venture companies and make efforts to create a global start-up ecosystem in the nearest future, building on joint incubators and exchanges of venture capital.

Furthermore, the two nations agreed to invest USD 500,000 respectively in implementing technical cooperation worth total of USD 1 million from 2019 with the aim of supporting global market entry through technical cooperation between start-ups and venture companies from both nations.

The aforementioned project will mainly support the development of core technology in which immediate market commercialization is possible through close cooperation between outstanding research institutes and matching among promising SMEs, venture companies and start-ups from both nations.

Vice Minister Lee Jin-Gyu of MSIT stated that “I hope that this innovation meeting will serve as an opportunity to vitalize innovation cooperation between Korea and Russia and contribute to nurturing innovative start-ups and global growth of SMEs and venture companies, building on the state-of-the-art technologies of the two nations.

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