EU Business Hub launched for bilateral cooperation

By Park Jae-hyuk

The European Union has resumed a program that financially supports the continent’s startups and small- and medium-sized enterprises (SMEs) seeking business opportunities in Korea, four years after the previous program ended due to the COVID-19 pandemic.

Rebranded as the EU Business Hub, the program builds on the legacy of the EU Gateway to Korea, which funded European SMEs seeking collaborations with Korean partners between 2009 and 2020.

With increased funding and more customized services, the EU Business Hub plans to carry out 10 business missions to Korea over the next four years, focusing on three sectors: digital solutions, health care and medical equipment, and green and low-carbon technologies.

The missions will include a business delegation of 50 European SMEs and startups specializing in the selected fields, so that a total of 500 European companies can visit Korea by 2027.

“We hope to bring together partners from Korea and Europe to help us all push a very difficult transition toward a green and digital economy,” EU Ambassador to Korea Maria Castillo Fernandez said during a press conference introducing the program, Monday.

She also said the program will provide Korean companies with networking opportunities with global partners and serve as a venue to encounter numerous technologies from Europe.

European Union Ambassador to Korea Maria Castillo Fernandez delivers opening remarks during a press conference to introduce the EU Business Hub at the Korea Press Center in Seoul, Monday. Courtesy of EU Business Hub

The press conference in Seoul came about four months after the European Commission held an online event to celebrate the program’s launch.

Following the inaugural event in May, which was attended by 314 participants from 29 countries, a series of national events have been held in each EU member country to outline the program’s main objectives and the selection process for participating companies.

In December, a three-day business matchmaking event is scheduled to take place as part of the initiative.

To participate in the event, European SMEs must have at least five years of business experience, while startups are required to have a minimum of three years, according to the EU delegation.

They should also be headquartered in Europe and actively engaged in the field relevant to the business matchmaking events. Additionally, they should have a track record of international business cooperation, strategies for entering the Korean market, and sufficient revenue and personnel.

“Korea has strengths in the digital solutions, health care and medical equipment, and green and low-carbon technologies sectors, and as one of the world’s leading ICT and digital powerhouses, significant collaboration with the European Union is expected,” said Walter Van Hattum, the minister counselor and head of the trade and economic section of the EU delegation to Korea.

“We hope that European SMEs and startups will discover new opportunities in the Korean market and that international cooperation will be further strengthened in aspects of the trade and economic relations,” he added.