S.Korea, UL Solutions sign agreement for supporting domestic startups

The South Korean Ministry of SMEs and Startups announced on Thursday that it has signed a business agreement with global certification agency UL Solutions on supporting technological innovation for startups in new industries.

The ministry and UL Solutions will support the promotion of demonstration projects for Korean startups in new industries within the United States and facilitate cooperation between Korean startups and US companies.

The Ministry of SMEs plans to establish a global certification support center in Korea, which will provide consulting on product planning, performance verification and testing and inspection.

"This agreement is the first case where UL Solutions has decided to promote technological support for foreign startups," said Minister Lee Young of the Ministry of SMEs and Startups, adding, "We will cooperate with UL Solutions to support promising startups and develop cooperation models to strengthen the innovation base for future generations."

Jennifer Scanlon, President and CEO of UL Solutions, said, "We will support Korean companies in converting their challenges into business opportunities."

Write to Hyung-Chang Choi at calling@hankyung.com