U.S. biz community to help Korean startups go global

Major U.S. firms operating here on Tuesday joined the South Korean government's efforts to help local startups globalize.

Members of the American Chamber of Commerce in Korea held a ceremony in Seoul to launch the "Global Leading Companies Mentoring Startups" campaign in partnership with the Ministry of Science, ICT and Future Planning.

Nineteen American companies participated in the event, including Facebook, IBM, Microsoft and Boeing.

They agreed to provide 14 selected South Korean startups with support for technology development and business networks abroad, said the ministry.

"The establishment of such a cooperative network with leading global firms will serve as a good opportunity to create positive synergy for mutual business growth beyond a simple mentoring service," the ministry's number two official Choi Jae-you said.

He stressed that the government will continue to help startups with creative ideas and advanced technology tap into foreign markets.

John Schuldt, president of AMCHAM Korea, expected the mentor program to pave the way for co-prosperity between South Korean startups and AMCHAM Korea's member firms. (Yonhap)