Korea-Israel Business Cooperation Seminar… Cooperation with Yozuma Group
The domestic mid-sized industry will join hands with Israeli venture companies to expand into overseas markets.
According to the Ministry of Trade, Industry and Energy on the 6th, the’Korea-Israel Business Cooperation Seminar’ sponsored by the Ministry of Industry and co-hosted by the Korea Federation of Midsize Enterprises and the Israeli Venture Capital Yozma Group was held at Lotte Hotel in Sogong-dong, Seoul.
The event was attended by key figures from both countries, including Industry Minister Sung Yun-mo, Chairman Kang Ho-gap, Chairman of Jung Gyeon-ryeon, Lee Gal Errich, Chairman of Yozma Group, and Economic Counselor Janib Goldberg, Israeli Embassy in Korea.
Mid-sized companies and Yozuma Group signed a’MOU for discovering new growth engines for mid-sized companies and expanding overseas.’
It is aimed at discovering growth engines and advancing into the global market by connecting mid-sized domestic companies with excellent manufacturing capabilities and Israeli venture companies possessing original technologies in new industries.
In the future, Yozma Group will use its global network to support ▲ discovery of target companies for investment in areas of interest to mid-sized companies and technical cooperation ▲ collaboration with domestic and overseas research institutes such as KAIST and Wiseman Research Institute ▲ fund creation for investment, etc.
Yozma Group owns the technology transfer rights of the Weissman Research Center in Korea.
In May 2019, the Wiseman Research Institute transferred technology to Bioleaders, a domestic biotechnology company, and established a joint venture (JV).
In addition, the two sides decided to form the’Korea-Israel Mid-sized Enterprise Growth Fund’ jointly managed by Yozma Group Korea and mid-sized venture capital ATU Partners with the investment of a number of mid-sized entrepreneurs.
In the following seminar, more than 20 mid-sized companies and experts from various industries such as automobiles, semiconductors, and steel participated and shared information related to the establishment of business relationships between Korea and Israel.
Economic Counselor Goldberg introduced the investment support policies of the Israeli Economic and Trade Representative, and Won-jae Lee, the head of Asia in Yozma Group, is an excellent company capable of high growth centering on the post-corona industry such as healthcare and green tech and ESG (environmental, social, and governance). It revealed its intention to form a new fund to invest in.
Minister Sung Yun-mo said, “Israel is a world-recognized innovation powerhouse with cutting-edge industries such as semiconductors, biotechnology, advanced materials, and artificial intelligence.”
He added, “Amid the uncertainty of Corona 19, the volume of trade between Korea and Israel increased by more than 7% compared to the previous year to about 2.5 billion dollars last year, and the cooperation between the two countries is very encouraging.”
Minister Seong said, “With this cooperation, we look forward to discovering various business cooperation models with Israel and advancing into new businesses and new markets,” and emphasized, “The government will also actively support the new leap forward of mid-sized companies.”
/yunhap news