Monsha’at Signs Memorandum Of Understanding With Korean Ministry Of SMEs To Boost Entrepreneurship

The Saudi Small and Medium Enterprises General Authority, known as Monsha’at, has partnered with the Republic of Korea's Ministry of SMEs and Startups (MSS) to sign a memorandum of understanding (MoU). This agreement was formalised during the Biban24 Forum, which is taking place at the Riyadh Front Exhibition & Conference Center from November 5 to 9. The forum is organised by Monsha’at under the theme "Global Destination for Opportunities."

The MoU was signed by Sami bin Ibrahim Al-Husseini, Minister of Commerce and Chairman of Monsha’at's board, alongside Oh Youngju, Minister of SMEs and Startups (MSS). This collaboration aligns with Saudi Arabia's Vision 2030 goals, which aim to bolster the small and medium enterprise (SME) sector. It underscores both nations' commitment to enhancing entrepreneurship and its economic impact, especially in technology and digital economy growth.

A key objective of this MoU is to facilitate knowledge exchange on policies and regulations that can improve the business environment. It also aims to launch initiatives that support innovation, entrepreneurship, and e-commerce. Additionally, it seeks to encourage research and development collaborations between startups and research institutions.

As part of the agreement, a joint ministerial committee will be established between Saudi Arabia and Korea. This committee will focus on SMEs and startups while setting a strategic work plan for 2025. The collaboration is expected to enhance bilateral relations in these sectors.

The Biban24 Forum presents more than 10,000 investment opportunities for SMEs from both public and private sectors. It serves as a platform connecting entrepreneurs with over 5,000 investors, thereby boosting investment prospects significantly.

This partnership reflects the strong support from Saudi leadership towards advancing the SME sector. By fostering innovation and entrepreneurship through such agreements, both countries aim to make substantial contributions to their respective economies.

With inputs from SPA