Five Korean SMEs Supported to Accelerate Middle East Market Entry

MegazoneCloud and the Korea Software Industry Association (KOSA) announced that they have reaped notable results from their project that provides support for large & small businesses to jointly enter the new market. Together with the Korea Foundation for Cooperation of Large & Small Business, Rural Affairs (KOFCA) under the Ministry of SMEs and Startups, they identified five promising Korean SMEs from AI and cloud sectors, which then were invited to the "Global Cloud-Based Software Company Support Project for Middle East Market Entry."

This project, hosted by MegazoneCloud and executed by KOSA, helps Korean software companies to expand their global footprint. It specifically supports activities designed to secure global references for Korean software companies, including technological advances, overseas demonstration (PoC/Pilot), and the establishment of local subsidiaries, by leveraging the host company's global cooperation framework, local network, and cloud infrastructure.

The 5 participating companies in 2024

Through the 2024 project, the five enterprises benefited from comprehensive support, including cloud technology consulting, local market demonstrations, subsidiary incorporation, public relations and marketing activities, participation in the Middle East Digital Innovation Day, and access to local networks. These initiatives significantly enhanced the global recognition of the companies and their solutions, while also facilitating the localization necessary for successful market entry.

Notably, the Digital Innovation Day, held in the UAE, provided participating companies with the opportunity to expand their local network by engaging in investor relations (IR) pitching sessions with key local organizations. Additionally, legal consulting services were offered to assist in the establishment of local subsidiaries, further expand the participants' presence in the market.

An official from a participating company said, "The Digital Innovation Day event held in the UAE gave us firsthand insight into the significant demand for Korean software solutions in the Middle East," adding, "It also provided an opportunity to identify numerous references and investor requirements, which were invaluable in shaping our market entry strategy."