No Yong-seok, first Vice Minister of the Ministry of SMEs and Startups, met with Abdullah Al-Swaha, Saudi Arabia's Minister of Communications and Information Technology, in Seoul on the 16th to discuss cooperation among SMEs, ventures, and startups in innovation fields such as artificial intelligence (AI) and digital.
According to the Ministry of SMEs and Startups (MSS), Saudi Arabia's Ministry of Communications and Information Technology is the agency overseeing the transition to a digital economy and the nurturing of the ICT industry. It is responsible for digital transformation, e-government, attracting overseas innovative companies, and revitalizing the startup ecosystem. Minister Abdullah Al-Swaha has served as Minister since Apr. 2017.
Saudi Arabia requested the meeting to promote cooperation among SMEs, ventures, and startups in digital innovation fields such as AI. The two sides discussed a wide range of topics, including startup cooperation between the two countries, SME AI and digital transformation (AX and DX), startup growth and overseas expansion, and revitalizing venture investment.
In the venture investment field, they shared the operating performance of Korea's policy venture fund, the Fund of Funds, and exchanged views on a joint fund being discussed between the two countries. A Korea-Saudi joint fund under discussion by Korea Venture Investment Corporation and Riyadh Valley Company (RVC), a Saudi government investment institution, plans to invest in SMEs, ventures, and startups in deep tech fields such as AI and semiconductors. Minister Abdullah Al-Swaha asked for cooperation so that the joint fund can be established within the year.
In the SME AX and DX field, they explained Korea's policy direction, including the push to enact the "Act on the Promotion of the Spread of Artificial Intelligence Utilization by SMEs," and requested interest and investment in Korean SMEs, ventures, and startups in innovation fields such as AI.
Vice Minister No also proposed participation by Saudi government officials, investors, and startups in COMEUP, a startup event to be held from Dec. 9 to 11. No said, "Taking this meeting as an opportunity, we will support the activation of exchanges, including the creation of a joint fund, investment, and mutual market entry."