Saudi Ministry of Investment to Assist Korean SMEs in Local Market Entry

Jungjingong Signs Cooperation Program with Saudi Ministry of Investment

The Ministry of SMEs and Startups and the Small and Medium Business Corporation announced on the 10th that they have agreed to promote a 'Framework Cooperation Program' with the Saudi Arabian Ministry of Investment (MISA) to strengthen the entry of our SMEs and startups into Saudi Arabia and support their business activities.

Through this cooperation program, it is expected that information gathering necessary for SMEs and startups to enter Saudi Arabia and the establishment of local corporations will become easier. It is also anticipated that a favorable atmosphere for investment exchange between the two countries will be created.

On the 9th (local time), the signing ceremony for the cooperation program between the Small and Medium Business Corporation and MISA took place at the Riyadh Exhibition and Convention Center in Saudi Arabia. (Left: Woo Young-hwan, Vice President of the Small and Medium Business Corporation; Right: Ammar Altaf, Deputy Minister of MISA)

In particular, this program includes cooperation for the opening of the Riyadh Global Business Center (GBC), which is necessary for SMEs and startups to enter the local Saudi market. Once the Global Business Center is established in Riyadh, open office spaces will be provided for SMEs and startups entering the local market. The GBC will also serve as a hub for building local cooperation networks.

MISA is a government agency that promotes and regulates investment in Saudi Arabia. It carries out cooperative activities to attract local and foreign investment, support business growth, and promote national economic development. Minister Lee Young of the Ministry of SMEs and Startups stated, "We will continue to develop a cooperation model based on mutual trust between the two countries and focus our policy capabilities and resources to help Startup Korea successfully enter Saudi Arabia and expand its business."

This content was produced with the assistance of AI translation services.