The Small and Medium Enterprises General Authority “Monsha’at” and the Ministry of SMEs and Startups of Korea signed a memorandum of understanding in the fields of business facilitation and promoting innovation and entrepreneurship, as part of the Biban 24 forum, which Monsha’at organizes under the theme A Global Destination for Opportunities at the Riyadh Front Exhibition and Conference Center from November 5 to 9.
The agreement was signed by the Governor of the Small and Medium Enterprises General Authority, Sami bin Ibrahim Al Hussaini, and on the Korean side by the Vice Minister of SMEs and Startups of the Republic of Korea, Lim Jung-wook, in the presence of His Excellency the Minister of Commerce, Doctor Majid bin Abdullah Al-Qasabi, and His Excellency the Minister of SMEs and Startups of Korea, Oh Youngju.
The agreement comes in light of the great support the SME sector in the Kingdom receives from the wise leadership, in fulfillment of the objectives of Saudi Vision 2030, and reflects the outcome of the two friendly countries’ efforts to drive the development of entrepreneurship and its contributions to the economy to higher levels, particularly in the fields of technology and strengthening the growth of the digital economy.
The memorandum of understanding aims at the transfer and exchange of knowledge on policies and legislation to improve the regulatory environment for business facilitation, the launch of programs aimed at promoting innovation, entrepreneurship, and e-commerce, and programs in the fields of research and development between startups and research centers.
The memorandum also aims to form the joint ministerial committee between the two sides concerned with SMEs and startups, and to set the work plan for 2025.
The Biban 24 forum offers more than 10,000 investment opportunities for enterprises, provided by the public and private sectors, and connects entrepreneurs with more than 5,000 investors to strengthen investment opportunities.