Riyadh, November 07, 2023, A delegation led by Sami Ibrahim Alhussaini, the governor of the Small and Medium Enterprises General Authority (Monsha’at), embarked on a visit to South Korea to strengthen the partnership between Saudi Arabia and Korea in the field of small and medium enterprises (SMEs) and to foster international business relationships that promote the global expansion of startups.
The primary objective of this visit is to provide support and empowerment for entrepreneurship on both a domestic and international scale. In Seoul, the delegation engaged with Young Lee, Korea's Minister of SMEs and Startups, to explore opportunities for collaboration in the development of entrepreneurship and investments in SMEs between the two nations.
The delegation also conducted meetings with various Korean organizations associated with SMEs, government officials, and leaders of prominent companies operating in the sector. They held discussions with the chairpersons of the Korean Technology Finance Corporation (KOTEC) and VIVE STUDIOS, focusing on topics related to financial technology and services that support startups, with the aim of enhancing innovation and technological progress.
In a significant development, the Korean side proposed the idea of hosting a local competition, where the winners would qualify for the Entrepreneurship World Cup (EWC). Riyadh is set to host the EWC during the Biban Forum, and this event is powered by Monsha’at in collaboration with the Prince Mohammed bin Salman bin Abdulaziz Foundation (the Misk Foundation) and the Global Entrepreneurship Network. The goal of the EWC is to promote entrepreneurship at both local and global levels.
