On the 29th, Minister Oh Young-joo of the Ministry of SMEs and Startups of Korea  (MSS) met with Majid bin Abdullah Al-Qasabi, the Minister of Commerce of Saudi Arabia, and his delegation at the 63 Building in Seoul.

The collaboration between the MSS and the Saudi Ministry of Commerce began in earnest in March 2023 when the MSS delegation, led by Minister Oh, participated in Saudi Arabia’s largest startup festival, “BIBAN,” at the invitation of the Saudi Ministry of Commerce. In June of the same year, Minister Oh visited Saudi Arabia and met again with the Saudi Minister of Commerce, pledging to expand exchanges in the SME and startup sectors between the two countries. In November, Al-Hussaini, head of the Saudi Small and Medium Enterprises General Authority (Monsha’at), attended Korea’s leading startup festival “COMEUP,” further strengthening the cooperation between the two ministries in supporting SMEs and startups.

This recent meeting was requested by the Saudi Minister of Commerce to enhance economic cooperation between Korea and Saudi Arabia. During the meeting, the two sides shared the outcomes of their ongoing SME and startup cooperation and discussed future strategies for joint growth. The MSS proposed the establishment of a policy consultation body with the Saudi Ministry of Commerce to maintain and expand the momentum of SME and startup exchanges between the two countries, agreeing to continue discussions to start this political cooperation.

Furthermore, the MSS requested active support and cooperation from the Saudi Ministry of Commerce to increase Korean companies’ participation in “BIBAN 2024,” scheduled for November this year. They also invited the Saudi Minister of Commerce and other key figures from Saudi Arabia’s startup ecosystem to “COMEUP,” set to be held in December, to further promote exchanges in the venture and startup sectors between the two countries.

Minister Oh stated, “Saudi Arabia is a key partner for our SMEs and startups to enter the Middle Eastern market. Based on our close cooperation, we have achieved significant milestones such as the opening of the Riyadh Global Business Center (GBC) and the establishment of the Korea-Saudi Joint Fund. I expect this meeting will deepen and broaden the cooperation between Korea and Saudi Arabia. I hope that both ministries will continue to develop our cooperative model based on mutual trust.”