S Arabia, S Korea deepen cooperation in innovation and SMEs

RIYADH, Sept 28 (Arab News): Saudi-Korean bilateral cooperation in innovation and enterprises is set to flourish after the two nations discussed expansion opportunities in high-potential sectors.

A meeting between Saudi Arabia's Investment Minister, Khalid Al-Falih, and South Korea's Minister for SMEs and Startups, Han Seong-suk, in Seoul focused on strategically building entrepreneurial environments and orchestrating efforts to drive SME success.

Al-Falih also participated in a roundtable with pioneering firms under the Saudi-Korean SME and Entrepreneurship Programme, where companies presented innovations and explored prospects for expanding into the Saudi market across key emerging sectors.

"The meeting saw discussions on ecosystems for entrepreneurship and coordinating efforts to empower SMEs in high-potential sectors," Al-Falih said in a post on X.

This focus on SME and startup collaboration is part of a broader, rapidly expanding partnership between the two nations. The ministers' meeting coincided with the fifth ministerial meeting of the Saudi-Korean Vision 2030 Committee, which Al-Falih led.

The committee reviewed progress on joint initiatives, which are now set to be elevated under the oversight of the high-level Strategic Partnership Council, chaired by the Crown Prince.