RIYADH: 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.
“This Strategic Partnership Council affords new vistas in artificial intelligence, smart cities, culture, and innovation, whilst advancing diversification,” Al-Falih added on his X account, inviting Korean enterprises to invest in Vision 2030 opportunities, including Expo 2030 and the 2034 World Cup.
The growing partnership, which has seen investment licenses jump from 65 in 2016 to 213 today, is built on a foundation of strategic collaborations in diverse fields.
Recent agreements have paved the way for this enhanced cooperation. Earlier this year, the Saudi Space Agency and the Korean Aerospace Administration signed an MoU to collaborate on deep space technologies, manned flight programs, and satellite launches.
Furthermore, in August, the Saudi General Court of Audit and South Korea’s Board of Audit and Inspection inked a deal to strengthen cooperation in accounting and auditing practices.
These collaborations in space, audit, and now SMEs and startups underscore a comprehensive strategic alignment.
As Al-Falih noted, the partnership with the Republic of Korea has “advanced apace,” encompassing major strategic collaborations with giants like Samsung in advanced technologies and Hyundai in automobile manufacturing.
The bilateral cooperation between the Kingdom and South Korea also spans the defense sector. In February, the two countries signed a government quality assurance agreement to strengthen defense cooperation and boost their military capabilities and long-term industrial development.
The deal, signed during the International Defense Exhibition and Conference in Abu Dhabi, underscored growing ties between the two nations in defense and technology.
Saudi Crown Prince Mohammed bin Salman’s 2019 visit to South Korea led to the signing of an MoU aimed at strengthening defense and industrial partnerships, focusing on military acquisitions, research, and technology.
Since then, defense ties between Saudi Arabia and South Korea have grown through several agreements.
