LG International Concludes an MOU with the KMDICA
LG International Concludes an MOU with the KMDICA- The advanced status of Korean medicine and the implementation of preventive measures against epidemics due to the COVID-19 outbreak has permitted Korean medical appliances to be launched in the overseas market- In cooperation with the KMDICA, LG International has taken the lead in developing global markets for mutual cooperation and the shared growth of domestic small businesses in medical devices LG International (LGI) and the Korea Medical Devices Industrial Cooperative Association (KMDICA) are cooperating to assist Korean medical device manufacturers with their entry to the global market. About this news, LGI announced that it concluded an MOU with the KMDICA on May 22 at the KMDICA conference room located in Jung-gu, Seoul regarding the activation of overseas exportation and the global cooperative businesses of Korean medical devices. On the day of the MOU agreement ceremony, roughly 10 major dignitaries related to both institutions participated including PARK YONG HWAN (Senior Vice President) the Head of the Industrial Materials Business Unit of LGI, and LEE JAI WHA, the chairman of the KMDICA. Through this MOU, both organizations agreed to carry out mutual cooperation with the aim of developing overseas markets and activating the exportation of outstanding Korean medical devices. Further plans include seeking associated global businesses. Recently, LGI has been actively expanding its businesses by entering the healthcare-related industry of the medical and health field. The reason behind such a judgement is that it would be advantageous to develop a new business and dominate the corresponding market in advance as the future growth of the general medical and health industry is positively evaluated. A representative of LGI stated that the status of Korean medical devices and equipment has been greatly improved due to positively coping with COVID-19. Also, the company anticipates that such prestige will help with the overseas expansion of domestic medical device manufacturers and greatly contribute to the introduction of the excellence of Korean medical devices and equipment to the world market based on the global network and marketing capabilities exclusive to LGI. Moreover, a member of the KMDICA discussed that the association is highly convinced that this MOU will create the best opportunities for the advancement of the medical device industry and become a model case for mutual cooperation between large and small businesses from the business development and cooperation achieved by the extensive global network of LGI, one of the top large companies in Korea, as Korean medical device manufacturers will be able to take advantage of the recent upsurge in appreciated values that originally were relatively undervalued despite ongoing improvements in product quality. KMDICA is an organization founded in 1979 under the authorization of the Ministry of Health and Welfare for the development of the Korean medical device industry. At present, approximately 600 leading medical device manufacturers in Korea are registered as its members, and from the support provided by the Ministry of Health and Welfare, KMDICA has been successfully operating overseas centers in Indonesia, Vietnam, and China. (The End) After concluding an MOU regarding the activation of overseas exportation and the global cooperative businesses of Korean medical devices at the KMDICA conference room located in Jung-gu, Seoul on May 22, PARK YONG HWAN, the Head of the Industrial Materials Business Unit of LGI (on the right) and LEE JAI WHA, the chairman of the KMDICA happily posed for a photo together.