Ministry of SMEs and Startups and Embassy in Saudi Arabia Support Korean SMEs' Entry into the Middle East

Visits and Meetings with 20 Local Institutions in the Middle East
Investment Promotion Briefings and Networking Events to Be Held

The Ministry of SMEs and Startups and the Embassy of the Republic of Korea in the Kingdom of Saudi Arabia announced on September 24 that they will begin the local Middle Eastern schedule for the "Support Program for Korean SMEs and Startups Entering the Middle East," together with 29 companies selected by the Saudi government and investment institutions.

The Support Program for Korean SMEs and Startups Entering the Middle East is a joint initiative by the governments of Korea and Saudi Arabia, aimed at supporting Korean SMEs and startups in entering the Middle Eastern market and diversifying Saudi Arabia's industrial sectors. Once the Saudi government makes the final selection of Korean SMEs and startups, the two governments will jointly support the selected companies’ entry into the Middle Eastern market.

To this end, the Ministry of SMEs and Startups and the Embassy in Saudi Arabia conducted company recruitment and document evaluations starting in July. At the end of August, the Saudi Ministry of Investment, together with seven Saudi government agencies, visited Korea to conduct presentation evaluations, ultimately selecting 29 SMEs and startups in four sectors, including artificial intelligence and bio-health.

The 29 selected companies will visit Saudi Arabia and the United Arab Emirates from September 25 to October 1, for a six-night, seven-day itinerary. They are scheduled to visit and meet with key local institutions, participate in investment promotion briefings, and attend networking events. The Ministry of SMEs and Startups will form a "K-One Team" with nine organizations, including the Embassy in Saudi Arabia, to actively support the participating companies’ entry into the Middle Eastern market.

Lee Soonbae, Director General for Global Growth Policy at the Ministry of SMEs and Startups, stated, "The Support Program for Korean SMEs and Startups Entering the Middle East is significant in that it pioneers emerging markets for SMEs and startups through cooperation between the governments of Korea and Saudi Arabia." He added, "Taking this collaboration with the Saudi government as an opportunity, we will further expand our support for Korean SMEs to enter new overseas markets."

Moon Byungjoon, Deputy Ambassador at the Embassy in Saudi Arabia, said, "Despite having excellent products and advanced technology, many companies have faced difficulties entering the Saudi market." He continued, "We will actively support Korean SMEs and startups in entering Saudi Arabia by linking local promotion and networking efforts."

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