The Ministry of SMEs and Startups and the Embassy of the Republic of Korea in the Kingdom of Saudi Arabia said that, together with 29 companies selected by the Saudi government and investment institutions, they will begin the on-site Middle East schedule of the "Support program for SMEs and startups to enter the Middle East" on the 25th.
The "Support program for SMEs and startups to enter the Middle East" is a project jointly promoted by the governments of both countries to support Korean SMEs and startups entering the Middle Eastern market and to diversify Saudi Arabia's industries. When the Saudi government makes the final selection of Korean SMEs and startups, the two governments jointly support their entry into the Middle East.
The ministry and the embassy conducted corporate recruitment and a document review in Jul., and in Aug., the Saudi Ministry of Investment visited Korea with seven government agencies to conduct presentation evaluations. In the end, 29 corporations were selected across four fields, including artificial intelligence and bio-health.
The selected corporations will visit Saudi Arabia and the United Arab Emirates for six nights and seven days from the 25th to Oct. 1. The main schedule includes meetings with institutions, investor relations (IR) briefings, and networking events. The ministry will form a "K one team" with nine institutions, including the Embassy in Saudi Arabia, to support local activities.
As for the detailed program, on the 26th in Dubai, the delegation will visit local institutions such as the Future Foundation, the Multi Commodities Centre, the International Financial Centre Innovation Hub, MicroSynergy Pharma, ADCAN, and the Dubai Chamber of Commerce and Industry to discuss cooperation. On the 28th, it will hold an investment briefing for major Saudi investors and buyers, and from the 29th, it will continue individual meetings with government agencies and local corporations. On the 30th, a networking event will be held at the Embassy in Saudi Arabia.
Lee Soon-bae, director general for global growth policy at the Ministry of SMEs and Startups, said, "The support program for SMEs and startups to enter the Middle East is meaningful in that it pioneers emerging markets for SMEs and startups through cooperation between the governments of Korea and Saudi Arabia," adding, "With this cooperation with the Saudi government, we will further expand support for our small and medium-sized companies to enter new overseas markets."