Turkish Presidency's Investment Office and the Korean Institute of Startup & Entrepreneurship Development (KISED) on Wednesday signed a memorandum of understanding (MoU) to increase investment cooperation between the two countries and enable mutual support of startups.

Organizing experience-sharing programs to increase a competent workforce, bringing startups and funds together, supporting and developing startup and entrepreneurship ecosystems between the two countries, in general, are the main aims of the deal, according to a statement by the office.

The deal was signed in a ceremony hosted by the Turkish Embassy in South Korea’s capital Seoul. Turkey’s Ambassador Ersin Erçin, who published a congratulatory message said this step will increase cooperation between the two countries in terms of investments and startups.

Investment Office head Ahmet Burak Dağlıoğlu, for his part, said that the Turkish entrepreneurship ecosystem has created a total of four unicorns last year thanks to its success in international markets.

“The products and services of these companies have proven that they are competitive in the global market. Thus, we invite Korean startups and investors to Turkey,” he said.

KISED Chairperson Kim Yong-moon, meanwhile said Turkey is not only a hub that connects Asia, Europe and the Middle East but also a country where the startup ecosystem has been showing rapid growth.

“Turkey is a bridge that enables startups to enter global markets. We will continue to support and cooperate more actively,” he said.

KISED, an organization affiliated with the Korean Ministry of small- and medium-sized enterprises (SMEs) and Startups, operates to contribute to the national economy by carrying out activities to support startups in the country.