SEOUL, June 25 (AJP) - South Korea’s Ministry of SMEs and Startups (MSS) announced on Wednesday a new initiative aimed at helping small and medium-sized enterprises break into the rapidly evolving Saudi Arabian market.
Starting July 7, the ministry will begin accepting applications from Korean companies interested in launching operations in Saudi Arabia under a government-backed program designed to overcome longstanding regulatory, cultural, and religious barriers.
Despite Saudi Arabia’s emergence as a high-potential market under its Vision 2030 economic diversification plan, Korean SMEs have struggled to establish a foothold due to complex administrative systems and deep-rooted differences in business norms.
In response, the ministry and the South Korean Embassy in Riyadh have partnered with Saudi authorities to craft a demand-driven entry model.
Under the program, Saudi government institutions will take the lead in selecting Korean companies they wish to support — ensuring alignment with local priorities and minimizing friction.
Four strategic sectors have been targeted: artificial intelligence, bio-health, tourism and entertainment, and smart cities and construction.
A total of 27 companies will be selected, with eligibility for the AI category limited to startups founded within the past decade. SMEs in other sectors may apply regardless of their age.
Applications will be accepted through July 24, followed by document screening later in the month. In-person evaluations — featuring Saudi experts — are scheduled for August, with final selections expected soon after.
Chosen companies will travel to Saudi Arabia at the end of September for a series of business meetings, investment presentations, and networking sessions with local stakeholders.
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