SEOUL, South Korea, Nov. 8, 2023 -- Monsha'at, the Small and Medium Enterprises General Authority of the Kingdom of Saudi Arabia, has participated in the 2023 edition of ComeUp Korea — the global start-up conference — underlining its commitment to advancing Saudi entrepreneurship and bolstering the Kingdom's SME ecosystem.
Accompanied by a delegation of innovative Saudi startups, Monsha'at showcased the growth and development of Saudi Arabia's start-up and SME ecosystems, highlighting the important role of Vision 2030 towards enabling national SMEs to fulfil their potential.
Organized by the Ministry of SMEs and Startups, the Korea Startup Forum, and the Korea Institute of Startup & Entrepreneurship Development (KISED), ComeUp Korea took place from 8 to 10 November 2023 in the city of Seoul.
The gathering brought thought leaders, decision-makers and entrepreneurs from around the world together to explore the global SME landscape and its evolution, with the slogan for this year's conference being "We Move the World". Through this conference, Monsha'at has enabled Saudi entrepreneurs to have an international presence and exposure which ultimately set them up for growth, scalability, and potential partnerships with international investors.
Sami Al Hussaini, Governor of Monsha'at, said: "Collaboration is key to overcoming barriers to success and unlocking business potential. ComeUp Korea provides a timely platform and opportunity for SMEs and entrepreneurs to network and forge partnerships that lead to long-term prosperity. At Monsha'at, we are committed to leveraging such opportunities, as we engage with our partners from Korea, and around the world, to drive the transformation of the Saudi SME sector."
He added: "The start-up ecosystem in Saudi Arabia is currently evolving at a very rapid pace and is helping to enable the objectives of Saudi Vision 2030. Our participation in events such as ComeUp Korea plays a role in helping to advance 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, encouraging further collaboration."
During Monsha'at's visit to South Korea, Monsha'at's Governor, Sami Al Hussaini met with Lee Young, the South Korean Minister of SMEs and Startups. They discussed potential opportunities, including a collaboration with the TIPS program for emerging tech companies through the exchange of expertise and alignment of business operations. They also explored the possibility of Korea taking part in the World Cup for Entrepreneurship 2024 and selecting Korean entrepreneurs to participate in the finals. The two leaders also outlined steps that could be taken to advance further 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 start-up ecosystem is currently undergoing 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 leveraging reforms to improve its business environment. In Q2 2023, the Kingdom led the region in VC-funding and capital raised, accounting for 42% of MENA funding at a value of $446 million.
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