Lee Young: "Saudi Investment Minister to Visit Korea"... Also Shares Plans for Middle East Expansion

Minister of SMEs Attends Women CEO Management Training
Expresses Commitment to Attract 'Oil Money' During Middle East Visit
Conveys Determination to Get Fair Value for Intangible Knowledge Services

[Asia Economy Reporter Kim Bo-kyung] Lee Young, Minister of SMEs and Startups, announced that Khalid Al-Faleh, Minister of Investment of Saudi Arabia, will visit Korea in early next month.

He also shared plans to personally visit Saudi Arabia and the United Arab Emirates (UAE) with SMEs and startups next year.

Minister Lee delivered a keynote speech at the '2022 National Women CEO Management Training' hosted by the Korea Women Entrepreneurs Association held at the Ulsan Exhibition & Convention Center (UECO) on the 26th.

In his keynote, he shared the government's policy directions for SMEs, startups, and small business owners, emphasizing the importance of women's roles in enterprises in the digital era.

Reflecting on his recent attendance at the 'Startup Summit' held in New York, USA, he said, "Next year, I will visit Saudi Arabia and the UAE," adding, "Before that, the Saudi Minister of Investment will come to Korea in early November."

Earlier, Minister Lee had revealed plans to visit the Middle East region around the first quarter of next year to attract investment funds utilizing 'oil money.'

He emphasized the need for close exchanges with the Middle East, saying, "When the economy is difficult, banks start to block corporate funds. At such times, you have to go where the money is."

Additionally, Minister Lee conveyed his intention to promote fairness in intangible knowledge service transactions once the pilot project and legislation for the linked payment system for delivery payments are completed.

He explained, "There are 335 companies participating in the delivery payment pilot project, of which 41 are large companies. We are currently preparing legislation. A draft will be released in early November, and if the legislation proceeds, the bill could be passed as early as the end of the year."

He continued, "After the linked payment system for delivery payments is completed, various attempts to address unfair trade will be made," adding, "We will work to ensure fair payment for software, knowledge services, content, and service work."

Meanwhile, Minister Lee also expressed his commitment to the establishment of a 'Global Regulatory Free Zone' aimed at supporting overseas exports starting next year, along with the customized dissemination of smart factories.