South Korea and Saudi Arabia sign cooperation agreement to facilitate SMEs' entry into the local market

South Korea’s Ministry of SMEs and Startups (MSS) and the Ministry of Investment Saudi Arabia (MISA) have signed a cooperation agreement to facilitate the entry of small and medium-sized enterprises (SMEs) into the Saudi Arabian market.

The program is designed to make it easier for SMEs to gather the necessary information and establish legislation to enter the local market.

The Global Business Center (GBC) in Riyadh will provide open office space for SMEs expanding into the region and specialized support programs, including financial, investment, and technology exchanges.

MISA is a government agency that promotes and regulates investment in Saudi Arabia, attracting local and foreign investment, supporting business growth, and promoting national economic development.

The agreement is expected to strengthen support activities, including improving investment conditions, providing market access and investment information, and improving the business environment between Korea and Saudi Arabia.

The agreement follows a series of meetings and consultations since November, culminating in the signing ceremony between the two ministries.