Our Small and Venture Companies Accelerate Middle East Expansion by Partnering with Saudi Arabia

Middle East's Largest SME and Startup Event 'BIBAN 2024'
Minister Oh Young-joo Emphasizes Bilateral Startup Ecosystems in Keynote
Agreement with Saudi Ministry of Investment, Commerce, and SMEs
Commitment to Expanding Cooperation Between Companies and Ministries

The Ministry of SMEs and Startups is joining hands with Saudi Arabia to support the entry of our small and venture businesses into the Middle East.

The Ministry of SMEs and Startups announced on the 6th that Minister Oh Young-joo visited Saudi Arabia and continued cooperation for the smooth entry of our companies into Saudi Arabia and the Middle East region through bilateral meetings with key partners in Saudi Arabia's SME and startup sectors.

Minister Oh Young-joo of the Ministry of SMEs and Startups is meeting with Minister Khalid bin Abdulaziz Al-Faleh of the Ministry of Investment in Riyadh, Saudi Arabia, on the 4th (local time) to discuss ways to strengthen cooperation between the two countries. Photo by the Ministry of SMEs and Startups

First, on the 4th (local time), Minister Oh met with Minister Al-Faleh of the Ministry of Investment to discuss ways to create synergy between the SME and startup ecosystems of both countries. The Ministry of Investment is a key government agency responsible for attracting local and overseas investments in Saudi Arabia, supporting business growth, and promoting national economic development. Last year, the Ministry of Investment provided office space at the Riyadh Global Business Center (GBC), a base for our SMEs and startups entering Saudi Arabia, and has been sparing no support to help Korean companies settle in the Middle East region.

During the meeting, the two ministers extended the Framework Cooperation Program (FCP) agreement for cooperation on the Middle East entry of Korean SMEs and startups, which was signed last year between the Ministry of SMEs and Startups and the Ministry of Investment. Unusually, the Ministry of Investment also pledged active support for 12 startups participating in this year's ‘BIBAN 2024,’ which is expected to facilitate our companies' entry into the Middle East even more smoothly. BIBAN is the largest startup forum in the Middle East held in Saudi Arabia.

Minister Oh also held talks with Minister Al-Kassabi of the Ministry of Commerce, the host organization of ‘BIBAN 2024.’ Minister Al-Kassabi, who visited Korea in July and personally invited Minister Oh Young-joo to BIBAN, expressed deep gratitude for the Ministry of SMEs and Startups’ visit to Saudi Arabia and promised full support to strengthen cooperation between the two ministries going forward.

Additionally, on the 5th, Minister Oh attended the opening ceremony of ‘BIBAN 2024’ held in Riyadh, Saudi Arabia, promoted the innovative Korean startup ecosystem, and signed a Memorandum of Understanding (MOU) on Korea-Saudi SME and startup cooperation.

Minister Oh’s visit to BIBAN was made possible by the invitation from Minister Al-Kassabi of the Saudi Ministry of Commerce, who visited Korea in July. The Saudi side designated Korea as the key partner country for this BIBAN event and announced plans to promote K-Beauty in a special pavilion within the exhibition hall, centering the event around Korea.

Immediately after the BIBAN opening ceremony, Minister Oh took the stage to deliver a keynote speech titled ‘Innovation Beyond Borders: Promoting Global Growth of Startups and SMEs.’ He explained global startup ecosystem trends represented by ‘deep tech’ and ‘decentralization’ and introduced the Korean government’s startup support policy directions to seize these opportunities. He also proposed connecting the startup ecosystems of Korea and Saudi Arabia and growing together to a global level.

Following the keynote speech, a Memorandum of Understanding was signed between the Ministry of SMEs and Startups and the Saudi Small and Medium Enterprises General Authority to ‘strengthen cooperation in SMEs and startups.’ The agreement focuses on enhancing policy exchanges related to SMEs and startups in both countries, joint participation in startup events, and strengthening cooperation in technology and innovation, positioning the two as key partners in Saudi Arabia’s SME and startup sectors.

Based on this MOU, the two ministries agreed to hold the ‘Korea-Saudi SME and Venture Committee,’ which is expected to serve as a stepping stone for advancing cooperation in the SME and startup sectors between the two countries.

Minister Oh stated, "The MOU on SME and startup cooperation signed between Korea and Saudi Arabia is significant in that Korea and Saudi Arabia jointly respond to recent rapid technological trends and market environment changes, establishing a new direction for cooperation." He added, "It is expected that the cooperation between the two countries will accelerate further, and exchanges and cooperation between companies of both countries will leap to a higher level."