The National IT Industry Promotion Agency (NIPA) said on July 24 it signed a memorandum of understanding (MOU) with the Korea Startup Forum on July 23 at Maru360 in Seoul to support innovative growth of AI and ICT startups.

The signing ceremony was attended by Park Yoon-kyu (박윤규), president of NIPA, Kim Jae-won (김재원), chairman of the Korea Startup Forum, and CEO Choi Ji-young, among officials from the two organisations.

The agreement was arranged to link the government’s AI and ICT industry promotion policy with innovation demand in the private startup sector. The two organisations will pursue infrastructure cooperation to support public resources based on actual demand, identify and resolve on-the-ground regulations and difficulties, cooperate on policy reflecting private-sector views, and support global expansion using overseas bases and networks.

NIPA is a dedicated agency under the Ministry of Science and ICT responsible for promoting the ICT industry, including planning and operating projects to foster AI and ICT industries, providing infrastructure support and implementing policies. The Korea Startup Forum is a startup association launched in 2016, with about 2,900 startups and innovation ecosystem partners currently taking part.

Park said the agreement is an opportunity to organically link public policy and support capabilities with demand in the private sector. He said NIPA will produce results that strengthen the global competitiveness of the AI and ICT startup ecosystem.

Kim said it is an important starting point where innovation demand in the startup field meets public support capabilities. He said the forum will serve as a bridge between the public and private sectors so the agreement leads to results startups can feel.