TechFlow news, on July 16, First Vice Minister No Yong-seok of the South Korean Ministry of SMEs and Startups met with Saudi Minister of Communications and Information Technology Alswaha in Seoul. The two sides discussed cooperation among SMEs, venture enterprises, and startups in the fields of Artificial Intelligence (AI) and digital innovation. In the venture capital sector, both sides shared the operational results of the South Korean policy venture investment fund—"Fund of Funds"—and exchanged views on the joint fund currently being prepared by the two countries.
The joint fund is being established through joint consultation by Korea Venture Investment Corp (KVIC) and the Saudi government investment institution "Riyadh Valley Company (RVC)," and plans to invest in SMEs, venture enterprises, and startups in deep tech fields such as AI and semiconductors. Alswaha expressed hope that both sides would strengthen cooperation and strive to establish the joint fund within the year. (Jin10)
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