Riyadh: The Small and Medium Enterprises General Authority (Monsha’at) has entered into a memorandum of understanding (MoU) with the Korea SMEs and Startups Agency (KOSME) at the Biban Forum 2025. The event, hosted by Monsha’at, took place from November 5 to 8 at the Riyadh Front Exhibition and Conference Center under the theme “A Global Destination for Opportunities.”

According to Saudi Press Agency, KOSME is a government agency focused on supporting Korean small and medium enterprises (SMEs) through a range of services, including policy fund loans and global expansion initiatives. KOSME’s Global Business Center (GBC) in Riyadh plays a crucial role in aiding the entry of Korean companies into the Saudi market and fostering mutual growth between SMEs from both nations.

The MoU was formalized by Monsha’at Vice Governor for Entrepreneurship Saud Alsabhan and KOSME Vice President of Global Business Development Division Ilho Kim, with attendance from senior officials and experts from both parties.

The agreement is aimed at bolstering cooperation and sharing expertise between Saudi Arabia and South Korea. The focus will be on developing policies and programs that support SMEs, enhance their competitiveness, and drive innovation. This collaboration seeks to promote technological advancement, increase productivity, and achieve sustainable growth in both countries.