Riyadh - The Saudi Small and Medium Enterprises General Authority (Monsha’at) and the Republic of Korea Ministry of SMEs and Startups (MSS) signed a memorandum of understanding (MoU) in the fields of business facilitation, fostering innovation, and entrepreneurship during the Biban24 Forum, organized by Monsha’at under the theme “Global Destination for Opportunities.”

The forum is being held at Riyadh Front Exhibition & Conference Center November 5-9.

The MoU was signed by Minister of Commerce and Monsha’at Chairman of the board of directors Sami bin Ibrahim Al-Husseini and Minister of SMEs and Startups (MSS) Oh Youngju. Minister of SMEs and Startups (MSS).

The agreement aligns with the significant support provided by the Kingdom’s leadership to the small and medium enterprise (SME) sector, as part of the Saudi Vision 2030 objectives. It also reflects the two countries' efforts to advance entrepreneurship and its economic contributions, particularly in technology and the growth of the digital economy.

The MoU aims to exchange knowledge on policies and regulations to improve the business environment; launch programs that promote innovation, entrepreneurship, and e-commerce; and foster research and development between startups and research centers.

The agreement seeks to establish a joint ministerial committee between the two countries focused on SMEs and startups and to set a work plan for 2025.

The Biban24 Forum offers more than 10,000 investment opportunities for SMEs, provided by both the public and private sectors, and connects entrepreneurs with over 5,000 investors to enhance investment prospects.