Korean Ministry of SMEs and Startups strengthens ties with Middle-East region; Promotes startups at ‘Biban 2023’ event in Saudi Arabia

The Korean Ministry of SMEs and Startups is promoting Korean startups at Biban 2023, the largest startup, SMEs & entrepreneurship event in Saudi Arabia. At Biban 2023, Korean startups showcase their innovative products and services to the international market and explore potential business opportunities in the Middle East region.

Biban 2023 is organized by the Ministry of Commerce and the Small and Medium Business Administration of Saudi Arabia and held in Riyadh from March 9 to 13, 2023. It has been held as a domestic event in Saudi Arabia since 2017 but expanded to an international event this year.

In a keynote speech at the opening ceremony, South Korea’s Minister of SMEs and Startups, Young Lee, stated, “I hope that Biban 2023 could become our launchpad where innovative Korean startups could make their way into the Saudi market, and startups of both countries could flourish together.”

Minister Lee Young’s keynote speech at Biban 2023 highlighted the potential for collaboration between the startup ecosystems of Korea and Saudi Arabia. The Minister’s vision of combining the dynamism and competitiveness of Startup Korea and the Korean venture ecosystem with Saudi Arabia’s high development potential could lead to significant progress in the global market.

Many Korean startups are participating in Biban 2023, including Galaxy Corporation, Next On, Dot, The Pink Pong Company, SecuLetter, HDT, H2O Hospitality, Angel Swing, Wave Lifestyle Tech, Vestella Lab, etc.

In November of last year, Minister of Investment of Saudi Arabia Al Faleh attended COMEUP, the largest startup event in Korea, and held a bilateral meeting with Minister Young Lee. When both ministers met again at the Davos Forum in Switzerland last January, discussions about participation in Biban by Korean startups and venture companies accelerated.

The MOU signed with the UAE Ministry of Economic Affairs and DMI during the Minister’s visit in January, and the recent attendance at Saudi Biban are promising steps towards expanding Korea’s startup reach into the Middle East market. With the Ministry of SMEs and Startups committed to serving as sales staff and support departments to help startups advance into the global market, there is a bright future for Korean startups seeking international opportunities.

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