The new centre will bring Luxembourg and Korean SMEs and startups together in order to enable stronger collaboration. (Photo: Facebook/Ministère de l'économie)
Luxembourg's economy ministry will establish a Smart Green Business Centre together with South Korea's ministry of SMEs and startups after signing a memorandum of understanding on 8 December.
The cross-continental initiative is supposed to facilitate the introduction of Korean and Asian small and medium-sized enterprises in Europe, a statement published on 11 December said. The centre will be set up by ASEIC, a Korean eco-innovation centre.
The Korean government actively supports companies working on smart mobility and cleantech, with the latter also an important part of the grand duchy’s data-driven green growth and innovation strategy.
Aiming to create stronger ties and enable better cooperation between Asia and Europe, ASEIC in 2017 looked at Luxembourg as well as Denmark to set up a centre in Europe. "The contributions provided by Luxinnovation, the national innovation agency, and the support of the project expressed by the Korean and Luxembourg Prime Ministers when they met in 2018, led ASEIC to finally choose Luxembourg," the statement said.
The signature of the MoU by economy minister Franz Fayot (LSAP) and the Korean minister of SMEs and startups, Young-sun Park, marks the official creation of the Luxembourg-based SGBC which will be managed by ASEIC and supported by Luxinnovation. The centre will be in charge of facilitating joint research, organising networking events and helping SMEs and startups from both countries to collaborate and exchange on digital and green projects.
“I am proud that we signed this MoU aiming at establishing a Smart Green Business Centre Europe in Luxembourg to facilitate sustainable and digital collaborative projects among SMEs and startups of our two countries with a common goal to promote green innovation and growth,” Fayot said.