Riyadh, November 7, 2024 – In a significant development aimed at fostering small and medium enterprises (SMEs) and entrepreneurship, the Saudi Small and Medium Enterprises General Authority (Monsha’at) and the Republic of Korea Ministry of SMEs and Startups (MSS) have signed a memorandum of understanding (MoU). The MoU, formalized during the Biban24 Forum in Riyadh, marks a collaborative milestone in advancing innovation and creating a robust business ecosystem. The forum, hosted by Monsha’at under the theme "Global Destination for Opportunities," is held from November 5 to November 9 at Riyadh Front Exhibition & Conference Center.
The official signing ceremony was attended by notable leaders, including the Saudi Minister of Commerce and Chairman of Monsha’at’s board of directors, Sami bin Ibrahim Al-Husseini, and the South Korean Minister of SMEs and Startups, Oh Youngju. This partnership underscores the commitment of both nations to strengthen the SME sector, contributing significantly to economic diversification and the development of the digital economy—a goal deeply rooted in Saudi Vision 2030.
The MoU outlines a broad scope of cooperative efforts aimed at improving the business environment for SMEs, fostering a culture of innovation, and encouraging entrepreneurial ventures across both countries. Key areas of focus include: sharing knowledge on effective policies and regulatory frameworks to create favorable conditions for SMEs, launching joint initiatives promoting innovative practices, entrepreneurial training, and e-commerce development, and encouraging collaboration between startups, established companies, and research institutions to drive technological advancements and innovation.
As part of the MoU, a joint ministerial committee will be established to oversee the implementation of these objectives. This committee will play a pivotal role in coordinating efforts and setting a comprehensive work plan for 2025, ensuring measurable progress in SME development and digital transformation.
Aligned with the ambitious objectives of Saudi Vision 2030, this agreement is part of Saudi Arabia’s broader strategy to enhance the SME sector's contribution to the national economy. By partnering with South Korea—a global leader in technology and digital innovation—Saudi Arabia aims to drive significant growth in the digital economy and create an ecosystem conducive to technological advancement. This collaboration is expected to fuel job creation, enhance economic resilience, and position both nations as dynamic hubs for innovation and entrepreneurship.
The ongoing Biban24 Forum serves as an ideal backdrop for this agreement. With over 10,000 investment opportunities presented by both public and private sectors, the forum has become a critical platform for entrepreneurs and investors. The event connects more than 5,000 investors with entrepreneurs, facilitating access to capital, resources, and global partnerships.
Through these investment opportunities and strategic alliances, Biban24 fosters a fertile environment for SMEs to expand, innovate, and contribute meaningfully to the global economy.
In summary, the Saudi-Korean MoU aims to enhance SME growth and innovation through joint programs, research and development, and policy exchange. This partnership aligns with Saudi Vision 2030's goals, particularly in supporting the digital economy and entrepreneurial ecosystems. The Biban24 Forum promotes global investment opportunities and connections for SMEs, with thousands of investors attending.
This strategic partnership between Saudi Arabia and South Korea exemplifies the spirit of cooperation that is crucial for economic diversification and sustainable growth in today’s interconnected world.