South Korea’s e-commerce giant Coupang Inc. has signed a memorandum of understanding with Small Enterprise and Market Service to support the long-term growth of small businesses and traditional markets, the company announced Thursday.

Under the agreement, the two sides will work together to enhance the competitiveness of small merchants through a coordinated support system and a series of collaborative initiatives.

Key elements of the partnership include support for small merchants within Coupang’s Good Store initiative, a dedicated online space for socially responsible vendors, along with expanding e-commerce sales channels and promoting public awareness of support programs and their outcomes.

As the first follow-up initiative, Coupang will launch a special promotional event for the Good Store starting May 1, featuring 230 participating small businesses.

The Small Enterprise and Market Service said that the sales-boosting effect of Coupang’s Good Store had already been proven. It expressed hope that small businesses participating in the special exhibition would achieve strong results. Coupang described the agreement as an important step toward sustainable growth for small merchants and traditional markets. It added that it would continue to pursue a variety of collaborative models to help improve competitiveness and boost sales for small businesses.

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