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Sign an MOU on SMEs Cooperation between Korea and Saudi

Seunghyun Hwang
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Minister of SMEs and Startups Young Lee signed an MOU to drive bilateral cooperation programs with the Ministry of Investment Saudi Arabia (MISA) for Korean SMEs to establish a foothold in the Saudi Arabian market.

In particular, the program includes cooperation for opening the Riyadh Global Business Center (GBC), which is necessary for Korean SMEs to enter the Saudi local market. This is what was discussed in the bilateral meeting between Minister Young Lee and MISA Minister Khalid A. Al-Falih at the Davos Forum in January and developed into a specific implementation.
Minister Lee said, “The cooperation between the two ministries began in earnest when Minister Khalid A. Al-Falih visited COMEUP 2022, a Korean startup festival held last November. "The Ministry will continue to develop a cooperative model based on mutual trust between the two countries, and mobilize our policy capabilities and resources to help Korean startups successfully expand their market share in the Saudi Arabian market," she added.

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