Ministry of SMEs Transfers 'Youth Startup Policy' to Saudi Arabia

Introduction of Youth Startup Academy Program and Others to Over 30 Local Officials, Entrepreneurs, and VCs

The Ministry of SMEs and Startups transferred youth entrepreneurship policies to Saudi Arabia.

Minister Lee Young of the Ministry of SMEs and Startups (left) is having a bilateral meeting with Khalid bin Abdulaziz Al-Falih, Minister of Investment of Saudi Arabia, at the Four Seasons Hotel in Jongno-gu, Seoul on the 13th.
[Photo by Ministry of SMEs and Startups]

On the 19th (local time), the Ministry of SMEs and Startups announced on the 20th that it conducted a policy training session in Riyadh, Saudi Arabia, introducing programs such as the Youth Startup Academy to over 30 local officials, entrepreneurs, and venture capitalists (VCs).

Since the meeting between Minister Lee Young of the Ministry of SMEs and Startups and the Saudi Arabian Minister of Investment in November last year, Saudi Arabia has shown interest in policy training. The Ministry conducted this policy training centered on the Youth Startup Academy program as part of establishing a cooperative foundation to promote exchange and growth of youth startups between the two countries.

The main contents included explanations of the Youth Startup Academy program and its operational plans, as well as cooperation achievements with private operating organizations such as startup planners (accelerators). A separate Q&A session was also held.

From the Korean side, the Korea SMEs and Startups Agency, which operates the Youth Startup Academy, and accelerators participated. A representative from the agency involved in the policy training stated that 10 companies graduated from the Youth Startup Academy, hoping to enter the Saudi Arabian market, will conduct market research, investor relations (IR), and networking with local young entrepreneurs until the 24th.

Park Yong-soon, Director of Startup Policy at the Ministry of SMEs and Startups, said, “I hope this policy training will serve as an opportunity to widely promote our youth entrepreneurship policies and the excellence of Korean young entrepreneurs,” adding, “We will review various programs to activate exchanges and cooperation between young entrepreneurs of both countries in the future.”

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