The largest fair in South Korea for startups wishing to go abroad kicked off on Thursday in Seoul. The aim is to help the nation‘s budding enterprises attract investment and forge partnerships with big corporations.

The annual event titled NextRise is hosted by the Korea International Trade Association and Korea Development Bank. This year’s event will be held for two days, starting on Thursday and ending Friday.

The event, taking place at COEX, Samseong-dong, Seoul, features presentations from global experts, one-on-one business meet-ups and exhibitions to promote ideas and technologies that pursue international attention.

Large corporations such as Meta, Volkswagen, PepsiCo and Airbus are taking part in the event, according to KITA officials.

“We will continue our cooperation with startups from South Korea, an economic and production powerhouse,” said Ignacio Azorin, an Airbus technology scouter who attended the fair.

Elsewhere, KITA, Seoul Business Agency, London Legacy Development Corporation, and UK innovation firm Catapult signed a memorandum of understanding to cooperate in the UK smart city project testing.

The annual event will hold a meeting between 10 startup CEOs and government officials on Friday. Organizers say the event will serve as a catalyst to boost innovative spirit across the industries.

“If we do not lead innovation more aggressively, we could make the mistake of missing larger opportunities in fear of smaller risks,” said vice-chairman of KITA Lee Kwan-sup during the event‘s opening ceremony. “NextRise can act as the catalyst to innovation in the Korean economy.”

By Lee Seung-ku  (seungku99@heraldcorp.com)