The Ministry of SMEs and Startups (Minister LEE Young, hereinafter referred to as “MSS”) and the Korea SMEs and Startups Agency (KOSME, President KIM Hak-do) announced that they held an opening ceremony for the Global Business Center (GBC) in New York, USA, on April 24 (Monday) local time.
The opening ceremony was attended by Vice President WOO Young-hwan of KOSME, President PARK Ho-chan of KOCHAM, President YOO Jeong-hak of the New York Association of Korean-American Businesses, and about 20 people from local government agencies, associations/organisations, and universities, including the Korean-American Innovative Technology Engineers and Entrepreneurs, New York University (NYU), and Stevens Institute of Technology (SIT).
In January, the MSS announced plans to reorganise existing export incubators with a focus on supplying office space in Global Business Centers*, providing open and shared space, as part of their ‘Scheme on Export Support for SMEs (January 26).’
* Operating in 20 global trading hubs in 12 countries, including New York, Tokyo, and Dubai
In particular, the open spaces are operated as ‘Smart work centres’ so Korean SMEs and startups can use them as networking and collaboration berths for short-term residence and overseas business trips. Also, real-time reservations can be made through the mobile reservation management system (https://gbc.kosmes.or.kr) to enhance access and convenience for companies.
The relocation of New York GBC from New Jersey to Manhattan, New York’s core commercial district, is expected to strengthen networking capacity with private companies, associations/organisations, government agencies such as New York City, and universities.
In addition to providing office space, the GBC will also strengthen export marketing, technology exchange, product localisation, and finance/investment functions that reflect each country’s characteristics. Moreover, it will provide free advisory services on local markets, legal, tax, and labor affairs through a ‘Global Business Support Group’ composed of local experts.
In particular, after the opening, the GBC will promote a project to support K-Consumer Goods (kitchen appliances and daily necessities) advance into large-scale distribution networks as a specialised program in New York, and hold B2B platforms and export conferences to connect local buyers and participating companies.
Upon opening on April 24, the New York GBC will provide infrastructure, such as office space for companies, and plans to carry out centre-specific programs and local network collaboration projects from May.
Minister LEE Young stated, “New York is the role model for our plans to reorganise Global Business Centers announced in January.” LEE said, “It is meaningful that we established a local hub for Korean SMEs and startups to enter the US market in Manhattan, the centre of New York.”
LEE added, “Based on the locational advantages of New York GBC, the MSS will focus our overseas expansion support capabilities to provide more effective help to companies that want to enter the US market.”