Korea and Saudi Governments Jointly Support SMEs Entering the Middle East

Recruitment of SMEs and Startups Seeking to Enter the Middle East in Four Fields Including AI

The Ministry of SMEs and Startups and the Embassy of the Republic of Korea in the Kingdom of Saudi Arabia announced on June 25 that they are recruiting companies to participate in the 'Support Program for SMEs and Startups Entering the Middle East'.

The Ministry of SMEs and Startups and the Embassy in Saudi Arabia agreed that, for Korean SMEs and startups to successfully enter the Saudi market, it is essential to actively cooperate with the local government and to select companies based on local market demand. Accordingly, they have planned and are promoting a support program in which the Saudi government directly selects the companies eligible for entry.

The recruitment fields for the program are four categories: artificial intelligence (AI), bio and health, tourism and entertainment, and smart city and construction. A total of 27 companies will be selected. For the AI sector, only startups established within the past 10 years are eligible to apply, while for the other sectors, any SME may apply.

The Ministry of SMEs and Startups and the Embassy in Saudi Arabia plan to complete application submissions by July 24, conduct document evaluations at the end of July, and hold in-person evaluations with Saudi experts in August to select the final participating companies. The selected companies will visit Saudi Arabia at the end of September to meet with local government agencies, participate in interviews, attend investment promotion sessions, and join networking events to support local market entry, secure business contracts, and attract investment.

Currently, Saudi government ministries and agencies are showing great interest and high expectations for cooperation with Korean SMEs and startups. HUMAIN, the Saudi AI authority, has expressed its willingness to provide up to $2 million per company through business commissions or equity investments, demonstrating an active stance toward collaboration with Korean startups.

Lee Soonbae, Director General for Global Growth Policy at the Ministry of SMEs and Startups, stated, "Saudi Arabia is a market that possesses market size, purchasing power, and growth potential, making it a must-enter market for the globalization and export diversification of our SMEs and startups." He added, "The Ministry will form a 'K-One Team' not only with organizations related to SMEs such as the Korea Federation of SMEs, Korea SMEs and Startups Agency, and Korea Venture Business Association, but also with the Embassy in Saudi Arabia and local support organizations, to actively support Korean SMEs and startups so they can lead the second Middle East boom."