On the occasion of the InSaar EU Hub Autumn Camp (7. – 11.10.), the Industrial Bank of Korea (IBK), supported by gwSaar Saarland Economic Promotion Corporation, and Minister for Economic Affairs Jürgen Barke, is opening the “IBK Changgong Europe Desk” at KIST Europe, an international office to support Korean start-ups as they enter the market in Europe. A total of eight start-ups are taking part in the international camp to identify companies to establish themselves in Saarland.
At the beginning of the InSaar Camp, In-Tae Kim, Vice-president of the IBK, Minister for Economic Affairs Jürgen Barke and gwSaar Managing Director Thomas Schuck opened the “IBK Changgong Europe Desk”. IBK decided to consolidate its activities by renting space at the InSaar EU hub at KIST Europe while the pilot phase to attract Korean start-ups to Saarland was still ongoing. Internationally expanding start-ups in the IBK funding programme will now have access to free premises and workstations for their future market entry at this location.
IBK Vice-president In-Tae Kim: “The Changgong Europe Desk is the second international office following the contact centre in Silicon Valley, USA. We see great potential in Saarland for relocation to the European market and optimal conditions for innovative start-ups from Korea. Compared to other European regions, Saarland has won us over with key factors such as its central location, optimal transport connections and its welcoming culture.”
Minister for Economic Affairs Jürgen Barke: “Korea is expanding its activities in Saarland once again: We are very pleased about that! We consider the prospects for our country to be a bridgehead for South Korean companies and start-ups in Europe to be very promising. At the same time, it confirms that we have taken the right path with our all-round carefree package for interested companies and research institutions.”
Managing Director Thomas Schuck: “The support that Korean start-ups will receive via the international network and the excellent research and economic landscape at this location are unique in Germany. We see that as a guarantee that innovative Korean companies will come to Saarland in the future.”
KIST Europe Director Dr Soo Hyun Kim: “KIST Europe has been the central contact point for networking and the establishment of Korean and German companies for 28 years. KIST will be able to offer many support activities through the IBK Changgong Europe Desk in order to give innovative Korean start-ups efficient access to the German and European market.”
The object of this cooperation and the development of a supportive infrastructure for Korean companies in Saarland were formalised in June 2023 in a memorandum of understanding between gwSaar, KIST Europe and IBK in the presence of Minister of Economic Affairs Jürgen Barke.
Representatives of eight Korean start-ups have been taking part since Monday in the multi-day information and familiarisation programme held by the InSaar EU hub in Saarbrücken and the surrounding area. The aim is to integrate them into the Saarland start-up ecosystem and to connect them with the Saarland business community with the objective of accelerating the Korean companies’ entry into the European market and to facilitate access by Saarland companies to the Asian market.
The InSaar EU Hub
The programme is being developed and realised by gwSaar, KIST Europe, gwSaar’s Korean partner, ipartners and the law office of Martin Bernhardt, in cooperation with further Saarland stakeholders. The Industrial Bank of Korea (IBK) is an effective supporter and promoter of Korean start-ups. Korea’s largest bank decided in May 2023 to intensify its close cooperation with Saarland. Its funding portfolio includes more than 600 start-ups. The aim is to support the best ones in their internationalisation in the EU, starting from Saarland.
