Korea's National IT Industry Promotion Agency (NIPA) said on Sept. 21 it signed an agreement on Sept. 18 with the Korea Business Angels Association to support two-way domestic and overseas expansion by AICT startups.

The signing ceremony was attended by NIPA President Yoon-kyu Park (박윤규) and Korea Business Angels Association Chairman Jong-hoon Lee (이종훈), among other officials. Under the agreement, the two organisations will build a support system linking overseas expansion by local startups with the resettlement in Korea of overseas Korean technology talent.

Key areas of cooperation include discovering promising startups, supporting the settlement in Korea of overseas Korean technology talent, commercialisation and investment support linking policy support with private investment, and creating growth paths for follow-on investment and overseas expansion.

NIPA is responsible for planning and operating projects, and providing infrastructure support, to foster the AI and ICT industry. The Korea Business Angels Association carries out network-building between angel investors and startups, linking investments and supporting company growth.

Yoon-kyu Park said the agreement will help raise the global competitiveness of the AICT industry so that growth paths for talent and companies moving between Korea and overseas are not disrupted.

Jong-hoon Lee said the association will support the effort with its network so that investment is linked at every moment when talent and companies cross borders.