Ministry of SMEs and Startups announced on March 9 (local time) that it has decided to launch a framework cooperation program with the Ministry of Investment Saudi Arabia (MISA) to strengthen the entry of SMEs into Saudi Arabia and business support.

The cooperation program is expected to make it easier for Korean SMEs to collect information and establish legislation necessary for their entry into Saudi Arabia, and is also expected to boost investment exchanges between the two countries.

The program includes cooperation to open the Global Business Center (GBC) in Riyadh, which is necessary for SMEs to enter the local market in Saudi Arabia. This is a concrete implementation of the program that was discussed during the bilateral meeting between Minister of SMEs and Startups Lee Young and MISA Minister Khalid Alfaleh at the Davos Forum in January. 

The Global Business Center in Riyadh will provide open office space for SMEs entering the region and will serve as a base for establishing local cooperation networks along with various specialized support programs such as financial, investment, and technology exchanges.

MISA is a government agency that promotes and regulates investment in the Kingdom of Saudi Arabia, and works closely with local and foreign investors to attract investment, support business growth, and promote national economic development. The signing of the agreement between the two organizations is expected to boost support activities such as providing market access and investment information, improving investment conditions, and business environment between Korea and Saudi Arabia.

“The cooperation between our two ministries, which began in earnest with Minister Alfaleh’s visit to our startup festival, COMEUP 2022, in November last year, has evolved through meetings at the Davos Forum and numerous working-level discussions, leading to today’s signing ceremony,” said Minister Lee. “We will continue to develop a cooperation model based on mutual trust between our two countries, and focus our policy capabilities and resources to help Startup Korea successfully enter and expand its business in Saudi Arabia.”