Minister of SMEs and Startups Oh Youngju on Nov. 5, 2024, talks with Saudi Minister of Commerce Majid bin Abdullah Al-Qasabi in Riyadh, Saudi Arabia, on reinforcing bilateral cooperation. (Ministry of SMEs and Startups)

By Yoo Yeon Gyeong

The Saudi Arabian government seeks to help Korean small and medium venture companies advance into the Saudi market.

The Ministry of SMEs (Small and Medium Enterprises) and Startups in Seoul and the Korean Embassy in Riyadh on June 25 said they are recruiting Korean companies for a project to help such companies from Korea to enter the Middle East in cooperation with the Saudi government. Applications will be accepted from July 7-24 at the SME Overseas Expo Portal (www.smes.go.kr/sme-expo/site/main/board/notice/list.do).

The project will select 27 companies: 10 for artificial intelligence (AI), seven for bio and health, and five each for tourism and entertainment and smart city and construction. The AI category is restricted to startups under 10 years old, but any SME can apply in the remaining three sectors.

Saudi Arabia has recently emerged as a high growth economy with lucrative potential through a policy of aggressive reform and openness. Yet Korean companies have struggled to penetrate the Saudi market due to strict government regulations and the country's heterogeneous culture and religion.

Acting Ambassador to Saudi Arabia Moon Byung-Jun said, "We hope that this project is an opportunity for our companies to boost their presence in Saudi Arabia, which had been dominated by corporations in certain industries such as construction and defense, and include cutting-edge sectors such as AI led by venture SMEs and startups."

More information on this project is on the site K-Startup (www.k-startup.go.kr) and the ministry's website (www.mss.go.kr).

dusrud21@korea.kr