The Small and Medium Enterprises General Authority “Monsha’at” signed a memorandum of understanding with the Korea SMEs and Startups Agency (KOSME) during the Biban 2025 forum, which Monsha’at organizes from November 5 to 8 at Riyadh Front Exhibition and Conference Center under the theme A Global Destination for Opportunities.

KOSME is a government agency that provides comprehensive support to Korean SMEs, from policy fund loans to global expansion. Its overseas branch, the Global Business Center (GBC) in Riyadh, works to enable Korean companies to enter the Saudi market successfully and to strengthen mutual growth between SMEs in the two countries.

The memorandum was signed by the Vice Governor of Monsha’at for Entrepreneurship, Saud Alsabhan, and, on behalf of KOSME, Ilho Kim, in the presence of several senior officials and experts from both sides.

The memorandum aims to strengthen cooperation and the exchange of expertise between the Kingdom and the Republic of Korea in developing policies and programs that support SMEs, raise their competitiveness, stimulate innovation, and support technical and technological development to raise productivity and achieve sustainable growth in both countries.

The Vice Governor of the authority for Entrepreneurship, Saud Alsabhan, emphasized that the agreement with the Korea SMEs and Startups Agency comes as part of the authority’s efforts to strengthen international cooperation in supporting the SME sector, and represents an important step toward exchanging expertise and developing joint programs that contribute to enabling Saudi enterprises to expand globally and strengthening innovation and technical production in support of achieving sustainable growth in both countries.

The memorandum includes cooperation in the fields of research and development, the exchange of global best practices in supporting entrepreneurship, and the development of accelerator networks and innovation centers, in addition to exploring trade exchange opportunities between Saudi and Korean companies, especially in promising sectors such as technology and industry.

This agreement comes as part of Monsha’at’s ongoing efforts to build impactful international partnerships that contribute to developing the Kingdom’s entrepreneurship ecosystem and enabling SMEs to expand into global markets, in line with the objectives of Saudi Vision 2030 aimed at strengthening national economic competitiveness and diversifying sources of income.