South Korea, Belgium sign SME cooperation MOU, opening door to European market

South Korea's Ministry of SMEs and Startups signed a memorandum of understanding on small and medium-sized enterprise and startup cooperation with Belgium's Ministry of SMEs and the Self-Employed, the ministry announced Thursday.

The MOU marks the first bilateral cooperation agreement between the two countries in the SME sector since they established diplomatic relations, opening a new path for Korean small and medium-sized enterprises and venture companies to enter the European market.

The agreement is part of a broader strategy to strengthen the foothold of Korean SMEs and venture firms in Europe amid global supply chain realignment and the spread of protectionism. Belgium sits at the geographic heart of Western Europe and is widely regarded as a key gateway to the European market, with strong startup infrastructure and a business-friendly environment. The country has also emerged as a hub for deep tech startups — lean, globally minded companies that target international markets from their earliest stages — making it an increasingly attractive strategic base for Korean firms eyeing European expansion.

The MOU calls for strengthening support for SMEs and startups through bilateral policy dialogue, along with measures for mutual cooperation including exchanges of skilled professionals, technology collaboration and business matching projects.

Following the signing, Vice Minister Noh Yong-seok held a bilateral meeting with Minister Simonet to discuss ways to expand policy exchanges between the two countries.

Noh exchanged views on the need for startup cooperation that combines Belgium's business resources with South Korea's technological strengths. He also invited Belgian government officials and startups to attend COMEUP 2026, a major global startup event scheduled in South Korea in December, creating new opportunities for bilateral engagement.

Noh also introduced the ministry's "Everyone's Startup Project," launched this year as part of a national initiative to usher in a new era of entrepreneurship, and the Startup Venture Campus Seoul — a global startup collaboration space that opened in May — and proposed expanding policy exchanges between the two countries.

"Belgium is known as the 'heart of the EU,' with world-class research infrastructure and a business-friendly environment," Noh said. "Through this partnership with the Belgian federal government, we will build a practical and dynamic cooperation framework to support Korean SMEs and venture companies in entering the European market."

Earlier that morning, Noh attended a roundtable with Korean companies operating in Belgium, where he reviewed trends in EU trade regulation and heard about the challenges those firms face on the ground.