Despite SMEs making up the majority of businesses in developing countries, their engagement in international trade is limited compared to their economic importance. However, the emergence of the digital economy could create new opportunities for SMEs to actively participate in global economic networks.

Korea Technopark Association (KTPA) and the International Trade Centre (ITC) have signed a Letter of Intent to drive the digital transformation of small and medium-sized enterprises (SMEs) in developing countries. The partnership was announced in a press release issued by the ITC on Tuesday, September 5. This strategic partnership, with an initial focus on Kenya, seeks to foster innovation, facilitate technology transfer, and enhance small business capabilities.

In response to the challenges posed by the fourth industrial revolution, this collaboration will leverage the 'Korea Technopark Operational Model' (K-TP Model), serving as an innovative ecosystem. The model will promote cooperation among government entities, industries, research institutions, and academia.

The Letter of Intent outlines various initiatives, including the establishment of Technoparks in developing countries, the strengthening of innovation and technology ecosystems, and the creation of connections between Korean organizations and businesses in these regions.

The primary objective of this partnership, supported by the Ministry of SMEs and Startups of the Republic of Korea, is to support the digital transformation of Kenyan manufacturing SMEs, thereby enhancing Kenya's industrial innovation.

Youngjib Kim, Chairman of the Korea Technopark Association, expressed enthusiasm for the partnership, highlighting KTPA's commitment to fostering innovative ecosystems for manufacturing SMEs in developing nations and contributing to the Sustainable Development Goals.

The collaboration between KTPA and ITC represents a significant step toward promoting technological advancement and economic growth in developing countries through targeted digital transformation initiatives for SMEs.

Hikmatu Bilali