– Monsha’at and a selection of Saudi Arabia’s top startups showcase the future of Saudi entrepreneurship at ComeUp Korea 2023
SEOUL, South Korea, Nov. 8, 2023/PRNewswire/ — Monsha’at, the General Authority for Small and Medium Enterprises of the Kingdom of Saudi Arabia, has participated in the 2023 edition of ComeUp Korea, the global conference on startups, underlining their commitment to fostering Saudi entrepreneurship and strengthening the Kingdom’s SME ecosystem.
Accompanied by a delegation of innovative Saudi startups, Monsha’at showcased the growth and development of Saudi Arabia’s startup and SME ecosystems, highlighting the important role of Vision 2030 in enabling domestic SMEs to realize their full potential.
Hosted by the Ministry of SMEs and Emerging Enterprises, Korea Startup Forum and Korea Institute of Startup
The meeting brought together thought leaders, decision-makers and entrepreneurs from around the world to explore the global SME landscape and its evolution, with this year’s conference theme: “We move the world.” Through this conference, Monsha’at has enabled Saudi entrepreneurs to have an international presence and exposure that ultimately prepares them for growth, scalability and potential partnerships with international investors.
Sami Al Hussaini, Governor of Monsha’at, stated: “Collaboration is key to overcoming barriers to success and unlocking business potential. ComeUp Korea provides a platform and opportunity for SMEs and entrepreneurs to network and build partnerships that lead to long-term prosperity. At Monsha’at, we are committed to seizing these opportunities as we engage with our partners in Korea, and around the world, to drive the transformation of the Saudi SME sector.”
He added: “Saudi Arabia’s startup ecosystem is currently evolving at a very rapid pace and is helping to enable the goals of Saudi Vision 2030. Our participation in events like ComeUp Korea helps drive and accelerate the growth of our startups. internationally. ComeUp Korea builds on Saudi Arabia’s relationship with Korea and strengthens our business ties with the nation. Having welcomed so many Korean startups to the Kingdom during the last edition of Biban23, we are pleased to have connected with even more at ComeUp Korea 2023. Ultimately, the event brings our respective nations closer together, fostering greater collaboration.”
During Monsha’at’s visit to South Korea, its Governor, Sami Al Hussaini, met with Lee Young, South Korean Minister of SMEs and Emerging Enterprises. They discussed potential opportunities, including a collaboration with the TIPS program for technology startups by sharing expertise and aligning business operations. They also explored the possibility of Korea participating in the 2024 World Entrepreneurship Cup and selecting Korean entrepreneurs to participate in the final phase. The two leaders also outlined steps that could be taken to advance greater cooperation between Saudi Arabia and South Korea, highlighting how entities from both countries could participate in Saudi and Korean exhibitions and conferences.
Saudi Arabia’s startup ecosystem is currently going through a period of rapid growth. Amid the continued expansion of its non-oil sector, the Kingdom achieved one of the highest economic growth rates in the world last year and has been recognized as one of the best performing countries in terms of taking advantage of reforms to improve your business environment. In the second quarter of 2023, the Kingdom led the region in venture capital financing and capital raised, with 42% of financing from the Middle East and North Africa, worth $446 million.
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