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ASEAN and Korea as future partners in ICT startups

PRESS RELEASE
No.PR/19-38Date25 November 2019
ContactProgram Inquiries: Kim Hye-ji, Program Officer, TIU(+82-2-2287-1127, hjkim@aseankorea.org)
Press Inquiries: Cho Ah-ra, PR Officer, IDU (+82-2-2287-1149, ahracho@aseankorea.org)
ASEAN-Korea Centre is an International Organization mandated to promote economic and socio-cultural cooperation between ASEAN Member States and Korea.


ASEAN and Korea as future partners in ICT startups

- 40 ASEAN Startup Companies to attend the “ASEAN-Korea Startup Expo” in Korea (25-26 November) -


The ASEAN-Korea Centre (Secretary General Lee Hyuk), together with the Gyeonggi Center for Creative Economy & Innovation (GCCEI), is organizing the “ASEAN-Korea Startup Week” from 18 to 28 November in three venues, first in Pangyo, known as Korea’s Silicon Valley, then in Busan BEXCO Convention Center, and finally at the Dongdaemun Design Plaza in Seoul. The event is also sponsored by the Ministry of SMEs and Startups and Gyeonggi Province.


A total of 76 ICT startup CEOs and government officials from 10 ASEAN Member States are visiting Korea to share policies, initiatives, and incentives to promote ICT startups in their respective countries, pitch their ideas to Korean venture capitalists, and build business networks with Korean counterparts.


The participants will also take part in the “ASEAN-Korea Startup Expo” which is an official side event of the ‘ASEAN-Republic of KOREA Commemorative Summit 2019’. ASEAN Startup booths will be set up in BEXCO to showcase their respective services and business models. Also, 10 ASEAN startup companies* will pitch their business ideas to investors at the Expo.

*Memori BN Enterprise (Brunei Darussalam), Morakot Technology (Cambodia), Cyber Army (Indonesia), GINLA Company (Lao PDR), SERV Technology (Malaysia), MMtutors (Myanmar), Burket (Philippines), Zeemart (Singapore), Bellugg Group Company (Thailand), GCALLS JSC (Vietnam)


Lee Hyuk, Secretary General of the ASEAN-Korea Centre emphasized that “With over 8 unicorn companies including the well-known Grab, Go-jek, and Traveloka among others, ASEAN today has emerged as the new breeding ground for startup businesses. By building a common startup ecosystem and an innovation-friendly environment in both regions, ASEAN and Korea can further expand cooperation in this area with a view to enhancing our global competitiveness.” Some of the main factors contributing to the fast development of startup culture in ASEAN include ▲a young population, ▲rising interest among the youth in starting a technology-based company ▲high rate of smartphone and SNS users as well as ▲the vigorous support for startups from ASEAN governments.


Held for the second time this year, the ASEAN-Korea Startup Week is organized in a bid to support both ASEAN and Korean startups in attracting greater investment and expanding their footholds in each other’s region. Most of the participating startups this year are those that have acquired Series A funding and are mainly from the fields of ICT, including artificial intelligence, big data, block chain, augmented/virtual reality, FinTech/AdTech and E-Commerce.



[Attachments]

- Press release (download)

- Program (download)

- IR report (download)

- Poster (download)

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