Important Facts of the News
- Date of MoU signing: November 7, 2025
- Location: Riyadh Front Exhibition and Conference Center, Riyadh
- Event: Biban Forum 2025 (November 5 to 8)
- Theme of forum: A Global Destination for Opportunities
- Saudi signatory: Saud Alsabhan, Vice Governor for Entrepreneurship, Monsha’at
- Korean signatory: Ilho Kim, Vice President of Global Business Development Division, KOSME
- KOSME role: Government agency supporting Korean SMEs with policy loans and global expansion
- KOSME Riyadh branch: Global Business Center (GBC)
- MoU focus: Policy development, SME competitiveness, innovation, tech advancement, productivity, sustainable growth
Saudi Arabia and South Korea have taken a major step to empower small and medium businesses through a fresh partnership. At the ongoing Biban Forum 2025 in Riyadh, two key government bodies sealed an agreement to share knowledge and build stronger support systems for entrepreneurs in both nations.
Key Leaders Seal the Deal
The document was signed by Saud Alsabhan, who heads the entrepreneurship division at Saudi Arabia’s Small and Medium Enterprises General Authority, known as Monsha’at. On the Korean side, Ilho Kim, who leads global business development at the Korea SMEs and Startups Agency or KOSME, put his signature. Senior representatives from both organizations witnessed the moment.
What the Partnership Aims to Achieve
This collaboration targets deeper ties between the two countries in the SME sector. Both sides plan to work on new policies and initiatives that make local businesses more competitive. The focus remains on sparking fresh ideas, adopting modern technology, raising output levels, and ensuring long-term development that benefits entrepreneurs across Saudi Arabia and South Korea.
Role of KOSME in Supporting Businesses
KOSME operates as a central agency in South Korea, offering a wide range of help to small and medium firms. This includes financial assistance through special loans and guidance for entering international markets. In Riyadh, its Global Business Center serves as a bridge, helping Korean companies set up operations in the Kingdom while encouraging joint progress with Saudi counterparts.
Biban Forum Sets the Stage
The four-day Biban Forum 2025, running from November 5 to 8, has brought together business leaders, investors, and policymakers under the banner of global opportunities. Held at the Riyadh Front Exhibition and Conference Center, the event provides the perfect platform for such strategic agreements that shape the future of entrepreneurship in the region.
Through this Monsha’at KOSME MoU Saudi Arabia initiative, both nations signal their commitment to building a robust ecosystem where small businesses can thrive, innovate, and contribute to economic stability.