Ministerial Meeting Between Ministry of SMEs and Startups and Saudi Ministry of Investment
"Building a Close Alliance Between the Innovation Ecosystems of Both Countries"
The Ministry of SMEs and Startups discussed ways to expand cooperation between South Korea and Saudi Arabia in the venture business sector.
On the 26th, Hansung-sook, Minister of SMEs and Startups, held a bilateral meeting with Khalid Al-Falih, Minister of Investment of Saudi Arabia, at Lotte Hotel in Jung-gu, Seoul.
Hansung-sook, Minister of SMEs and Startups, is taking a commemorative photo after a bilateral meeting with Khalid bin Abdulaziz Al-Falih, Minister of Investment of Saudi Arabia, on the 26th at Lotte Hotel in Jung-gu, Seoul. Ministry of SMEs and Startups
This meeting was arranged at the request of Minister Al-Falih, who visited Korea to attend the Korea-Saudi Vision 2030 Committee, with the aim of strengthening cooperation between the two ministries. The two sides shared the achievements in cooperation in the SME and venture sector to date and explored directions for future development.
During the meeting, both parties focused on discussing sustainable cooperation measures in the field of SMEs and startups, building on previous achievements. They agreed on the importance of not only startup exchanges but also technology-based entrepreneurship and investment cooperation, and explored various measures to promote these areas.
The Ministry of Investment of Saudi Arabia is a key ministry responsible for attracting domestic and foreign investment and supporting business activities in Saudi Arabia. Collaboration with the Ministry of SMEs and Startups began in earnest after Minister Al-Falih visited Korea in 2022 to attend 'COMEUP 2022,' a global startup festival.
The two ministries have produced tangible results through a close partnership. In 2023, a Global Business Center (GBC) was established in Riyadh to provide office space and local settlement support for Korean SMEs and startups. The Ministry of Investment is also supporting the stable local settlement of Korean companies by offering preferential access to the 'Entrepreneur License' and other incentives.
Last year, the framework cooperation program (FCP) between the Ministry of SMEs and Startups and the Ministry of Investment of Saudi Arabia was extended, further solidifying the foundation for Korean companies to enter the Middle Eastern market. This year, the two countries are expanding practical cooperation by promoting a Korea-Saudi cooperation program to support Korean SMEs' entry into the Middle East market.
During the bilateral meeting, Minister Han stated, "I hope that, based on an even closer alliance between our countries' innovation ecosystems, Korea and Saudi Arabia will establish themselves as collaborative partners leading the global startup ecosystem together."
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