South Korea and Saudi Arabia are set to enhance cooperation in the fields of artificial intelligence (AI) and digital innovation, focusing on small and medium-sized enterprises (SMEs) and startups.
According to the Ministry of SMEs and Startups, Deputy Minister Noh Yong-seok met with Saudi Minister of Communications and Information Technology Abdullah Al-Swaha in Seoul on the afternoon of July 16 to discuss collaboration in digital innovation.
The meeting was initiated at the request of the Saudi side. Both officials acknowledged the need for cooperation between the two countries and discussed topics such as the AI and digital transformation (AX·DX) of SMEs, the international expansion of startups, and the activation of venture investments.
In the venture sector, they exchanged views on a joint fund currently under discussion. Korea Venture Investment and the Saudi government’s investment agency, Riyadh Valley Company (RVC), are negotiating the establishment of a Korea-Saudi joint fund. This fund is expected to focus on investing in SMEs and startups in deep tech areas, including AI and semiconductors.
Minister Al-Swaha, who is also a board member of RVC, requested Deputy Minister Noh's active cooperation to ensure the joint fund is established within the year.
Deputy Minister Noh explained the South Korean government's policies on SME AX·DX and urged interest and investment in innovative South Korean SMEs and startups. He also suggested that Saudi government officials, investors, and startups actively participate in the upcoming 'COMEUP' event, the largest startup event in South Korea, scheduled for December 9-11.
Deputy Minister Noh stated, "I will actively support the establishment of the joint fund, investment, and the activation of mutual entry to enhance practical exchanges as a result of this meeting."
Meanwhile, Saudi Arabia is a key export market for South Korean SMEs in the Middle East. In the first quarter of this year, exports to Saudi Arabia reached $270 million, making it the second-largest market among 20 Middle Eastern countries, accounting for 21.1% of total exports.
* This article has been translated by AI.
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