Ministry of SMEs Supports Startup Entry into Saudi Arabia with Meetup Event
by Oh Yukyo
Published 19 Apr.2023 13:42(KST)
K-Deep Tech Startup Meetup Held on the 19th
Key Officials from Saudi Investment Ministry Visit Korea
About 70 Startup Employees Attend
On the 19th, the Ministry of SMEs and Startups held the 'Saudi Investment Ministry and K-Deep Tech Startup Meetup.' Approximately 70 executives and employees from domestic deep tech startups attended, along with Lim Jeong-wook, Director of the Startup Venture Innovation Office, and Anwar Alshammari, Advisor to the Saudi Arabian Investment Ministry. This event was organized following Minister Lee Young's participation in the Saudi-hosted 'Biban 2023' last month. At that time, Minister Lee held a bilateral meeting with Khalid Al-Faleh, Minister of the Saudi Investment Ministry, and this event was arranged to facilitate networking between domestic startups and the Saudi Investment Ministry during their visit to Korea.
![[Image source=Yonhap News]](http://www.asiae.co.kr/news/img_view.htm?img=2022080121123471391_1659355968.jpg)
Advisor Alshammari introduced the Investment Ministry and announced support policies for startups entering the local market. Following this, Kevin Cullen, Vice President for Innovation at King Abdullah University of Science and Technology, introduced an acceleration support program for overseas deep tech startups wishing to enter Saudi Arabia. There was also a session connecting Beta representatives online to explain the Saudi Deep Tech Fund. Beta is a local Saudi deep tech startup investment institution.
About 70 executives and employees from domestic deep tech startups hoping to enter Saudi Arabia participated in this event, representing advanced new industries such as bio and health, and future mobility. They actively communicated by asking Saudi officials about key investment sectors. Minister Lee said, “The Middle East, including Saudi Arabia, is the first region to consider for global market entry and investment attraction,” adding, “We will establish close cooperative relationships with the governments of Saudi Arabia and the United Arab Emirates (UAE), along with various support policies, to ensure deep tech startups can smoothly enter the local market.”
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