Exclusive Interview: KOTEC Director on Boosting Saudi-Korean Tech Partnerships
In an exclusive interview at Saudi Arabia’s Biban24 Forum, Leo Hee Chang Park, Director of Korea Technology Finance Corporation (KOTEC), discussed his organization’s collaboration with Monsha’at. KOTEC, a quasi-government finance agency, promotes technology-based SMEs and fosters innovation in South Korea.
Park highlighted the significance of the new agreement between KOTEC and Monsha’at, focusing on three key areas. “The agreement involves knowledge sharing, the exchange of people, and collaborating to enhance the promotion of SMEs in both countries,” Park explained.
Key Areas of Cooperation
Park elaborated on the details of the agreement, starting with knowledge sharing. “We aim to share our expertise in technology evaluation tools, a strength of KOTEC,” he said. He also emphasized the importance of exchanging people to facilitate better understanding and knowledge sharing. “Through these exchanges, we can foster stronger cooperation between our two nations.”
Park added that the third aspect of the agreement focuses on promoting innovation through collaboration. “Together, we can promote co-investment, trade, and transportation between our countries to drive innovation,” he noted. He stressed the potential for cross-border business opportunities, benefiting both Saudi Arabia and South Korea.
Supporting Entrepreneurs in Both Countries
When asked about KOTEC’s role in supporting entrepreneurs, Park explained that his organization helps technology-based entrepreneurs at all stages. “We screen and identify entrepreneurs, offering equity investment and credit guarantees at the right time,” he said. He also mentioned KOTEC’s plans to help South Korean SMEs expand into Saudi Arabia, while encouraging Saudi businesses to explore opportunities in Korea.
Looking Ahead: The Future of Saudi Entrepreneurs
Looking toward the future, Park expressed optimism about Saudi Arabia’s entrepreneurial potential. “Saudi Arabia holds enormous potential, particularly over the next decade,” he stated. He highlighted the strategic importance of Saudi Arabia as a hub for Islamic countries, with Korea positioned as a technology leader in Asia. “Together, the synergies between our two countries will create new opportunities,” Park concluded.
This collaboration between KOTEC and Monsha’at signifies an exciting step toward fostering innovation and supporting entrepreneurs in both Saudi Arabia and South Korea.
