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The Memorandum of Understanding (MoU) between Luxinnovation and the Global Commercialization Center of Korea Advanced Institute of Science and Technology (KAIST GCC) was signed in the context of the Luxembourg – South Korea Business Forum, one of the key events of the current official trade mission of Luxembourg to South Korea. The aim is to promote business and investment opportunities in Luxembourg for South Korean small and medium-sized companies and start-ups, in particular in the field of information and communication technologies.

Luxembourg business and investment opportunities

Prof. Mun Kee Choi, Director KAIST GCC and Mario Grotz, Board Chair Luxinnovation, sign an MoU to facilitate investment opportunitiesThe agreement is in line with the MoU signed by Luxinnovation with the Korea Institute for Start-up & Entrepreneurial Development (KISED) in 2019 the establishment of a Smart Green Business Centre in Luxembourg by Korean eco-innovation centre ASEIC in 2022.

Over the past few years, the number of innovative Korean companies interested in coming to Luxembourg has increased rapidly.

“Over the past few years, the number of innovative Korean companies interested in coming to Luxembourg has increased rapidly,” commented Luxinnovation’s Board Chair, Mario Grotz, referring notably to CONTEC and Data Design Engineering which both have located their European headquarters here. “I’m honoured to sign this Memorandum of Understanding between KAIST GCC and Luxinnovation that will further strengthen the business synergies between our two countries. We look forward to working closely with KAIST in order to promote opportunities for Korean companies interested in opening their European offices in Luxembourg and benefitting from our country as a launch pad for business in the EU and beyond.”

Top tech university

HRH Crown Prince Guillaume, Luxembourg Minister of the Economy Franz Fayot, Prof. Mun Kee Choi, Director KAIST GCC and Mario Grotz, Board Chair LuxinnovationKAIST is renowned as one of the leading technology universities in Asia. “KAIST is famous for its innovations, and as a result, its spin-off companies are on a very high technological level,” says Jenny Hällen Hedberg, Head of International Business Development at Luxinnovation. “In addition, KAIST is located in Daejeon, a real ‘high-tech city’ that hosts 23 universities as well as the R&D centres of Samsung and LG. It is obviously very interesting for Luxinnovation, and Luxembourg in general, to be in contact with such an epicentre of innovation. Hopefully, the signature of this cooperation agreement will be the start of a very dynamic exchange between our two high-level R&D regions in Europe and Asia, respectively.”

KAIST is famous for its innovations, and as a result, its spin-off companies are on a very high technological level.

KAIST GCC was set in 2015 to promote technology commercialisation between Korea and other countries. The organisation helps in particular high-tech companies enter overseas markets in order to build up their business. It is thus an excellent partner for Luxinnovation, as one of the missions of the agency is to inform, guide and advise international companies looking to open offices in Luxembourg to target the European market in cooperation with its local partners.

Mutual support

KAIST GCC and Luxinnovation will now work together to promote business and investment opportunities by sharing information, organising events and providing support to business delegations. They will also encourage cooperation between Korean and Luxembourg companies.

“We are really looking forward to start meeting the KAIST GCC companies,” says Ms Hällen Hedberg. “We are already co-organising an event with KAIST GCC at their headquarters in Daejon on 30 November 2022, where four companies – Fliption, Blue Signal, Narma and XMW – will pitch in front of the Luxembourg delegation. A great first opportunity to work together.”

Photos: ©SIP/J. Warnand

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