South Korea's Ministry of SMEs and Startups, in partnership with Indonesia's Ministry of Cooperatives and SMEs, is set to co-host the fifth Korea-ASEAN Business Model Competition for SDGs 2024 in October.

According to the organizing committee Monday, the annual event, launched in 2020, aims to foster cross-border collaboration to nurture startups and small and medium-sized enterprises from Korea and Southeast Asia.

The event will act as a platform for entrepreneurs to present solutions aligned with the United Nations' Sustainable Development Goals.

The highlight of the competition is an online Demo day event that will be held on Oct. 16. The event features pitch sessions, panel discussions and networking opportunities with industry leaders and investors.

Startups and SMEs with less than seven years of operation are invited to compete for a total of $10,000 in cash prizes. The 10 finalists will receive certificates of recognition from Indonesia’s Ministry of Cooperatives and SMEs as well.

The finalists will gain access to investment opportunities, mentorship from experts and networking with venture capitalists. They will also benefit from a tenancy at the Green Business Center in Jakarta, Indonesia.

"Through this competition, SMEs in Korea and ASEAN member states will be able to secure opportunities to enter the global market with business models based on the SDGs," said Lee Seok-tae, secretary general of ASEIC.

Registration for the competition will be accepted online until Sept. 5.