The Small and Medium Enterprises General Authority (Monsha’at) has signed a memorandum of understanding (MoU) with the Korea SMEs and Startups Agency (KOSME), aiming to enhance cooperation between the countries.
The agreement was signed during the Biban Forum 2025, which is taking place from November 5 to 8 at the Riyadh Front Exhibition and Conference Center under the theme ‘A Global Destination for Opportunities.’
According to the reports, the MoU aims to strengthen collaboration between Saudi Arabia and Korea in fostering the growth and development of small and medium-sized enterprises (SMEs) and startups.
Furthermore, the MoU aims to deepen cooperation and foster the exchange of expertise between the Kingdom of Saudi Arabia and the Republic of Korea. It focuses on developing policies and programs designed to support the growth and development of small and medium-sized enterprises (SMEs) in both nations.
By enhancing the competitiveness of SMEs, the agreement seeks to stimulate innovation, promote technological advancements, and improve productivity. The partnership will play a key role in driving sustainable economic growth in both Saudi Arabia and Republic of Korea, positioning SMEs as critical drivers of economic development and global competitiveness.
The memorandum was signed by Monsha’at Vice Governor for Entrepreneurship, Saud Alsabhan, and KOSME Vice President of the Global Business Development Division, Ilho Kim, in the presence of senior officials and experts from both sides.
KOSME
KOSME is a government agency dedicated to providing comprehensive support to Korean small and medium enterprises (SMEs), ranging from policy fund loans to global expansion. Its overseas branch, the Global Business Center (GBC) in Riyadh, works to facilitate the successful entry of Korean companies into the Saudi market and to promote mutual growth between SMEs in both countries.
