Saudi Arabia’s Small and Medium Enterprises General Authority (Monsha’at) has formalized a strategic partnership with Korea’s SMEs and Startups Agency (KOSME) through a memorandum of understanding signed at the Biban Forum 2025 in Riyadh, marking a significant step toward fostering innovation and sustainable growth in both nations’ SME sectors.
Strategic Partnership Formation
The landmark agreement, signed at the Riyadh Front Exhibition and Conference Center during the prestigious Biban Forum 2025, brings together two powerful entities in the SME development sphere. Monsha’at Vice Governor for Entrepreneurship Saud Alsabhan and KOSME Vice President of Global Business Development Division Ilho Kim formalized the partnership in the presence of senior officials from both organizations.
The Biban Forum 2025, organized under the theme ‘A Global Destination for Opportunities,’ provided an ideal platform for this strategic alliance, highlighting Saudi Arabia’s growing role as a hub for international business collaboration and innovation.
Comprehensive Support Framework
KOSME’s established presence in Saudi Arabia through its Global Business Center (GBC) in Riyadh has already been facilitating Korean companies’ entry into the Saudi market. This new agreement builds upon existing foundations to create a more robust support system for SMEs in both countries.
The partnership encompasses several key areas, including policy development, technological advancement, and innovation support. It aims to create a comprehensive framework for knowledge exchange and collaborative programs that will enhance the competitiveness of SMEs in both nations.
International Impact and Innovation Focus
This collaboration represents a significant step forward in international SME cooperation, bringing together Korean technological expertise and Saudi Arabia’s dynamic business environment. The partnership is expected to accelerate the digital transformation of SMEs and promote the adoption of advanced technologies across various sectors.
Through this agreement, Saudi and Korean SMEs will gain access to expanded market opportunities, technical expertise, and innovation support systems that can help them scale their operations and enhance their global competitiveness.
Vision 2030 Alignment
The partnership between Monsha’at and KOSME directly supports Saudi Arabia’s Vision 2030 objectives of diversifying the economy and fostering a thriving private sector. By facilitating knowledge transfer and technological cooperation with one of Asia’s most innovative economies, this initiative will contribute to developing a robust SME ecosystem in Saudi Arabia, creating new opportunities for economic growth and job creation while strengthening the Kingdom’s position as a global business and innovation hub.