UAE-Korea SME Committee Holds Inaugural Meeting to Bolster Entrepreneurial Collaboration

Business

UAE-Korea SME Committee Holds Inaugural Meeting to Bolster Entrepreneurial Collaboration

The UAE-Korea SMEs and Startup Committee convened its first meeting in Seoul, Korea, on the sidelines of the UAE delegation’s participation in the ComeUp 2024 startup festival. Chaired by Her Excellency Alia bint Abdullah Al Mazrouei, UAE Minister of State for Entrepreneurship, and Her Excellency Oh Youngju, Korean Minister of SMEs and Startups, the meeting focused on strengthening bilateral collaboration in entrepreneurship, startups, and innovation.

Reinforcing Strategic Partnerships
The meeting highlighted the robust and strategic ties between the UAE and Korea, characterized by advanced partnerships and high-level exchanges. The Comprehensive Economic Partnership Agreement, signed during the visit of UAE President His Highness Sheikh Mohammed bin Zayed Al Nahyan to Korea in May 2024, further underscored the shared commitment to enhancing economic and investment cooperation.

H.E. Alia Al Mazrouei emphasized the importance of leveraging the advanced infrastructure and flexible policies in both nations to create an environment conducive to entrepreneurial growth. She stated, “This meeting is an important step in enhancing the competitiveness of entrepreneurial ecosystems in both markets, ensuring increased innovation and creativity.”

Key Initiatives and Areas of Focus
During the discussions, H.E. Alia Al Mazrouei shared the UAE’s ambitious plans for fostering entrepreneurship. These include the Riyada fund, which allocates AED 300 million to incentivize graduates to pursue entrepreneurship and aims to increase the success rate of entrepreneurs from 30% to 50% by 2031. She also emphasized the importance of creating a unified national platform to streamline efforts and promote an entrepreneurial mindset.

H.E. Oh Youngju welcomed the collaboration, noting that the joint committee represents a valuable opportunity to strengthen economic ties. She added, “This partnership will help develop innovative approaches in the SME sector, broaden international market access, and foster mutual growth.”

Expanding Collaboration
The meeting explored practical measures to facilitate the exchange of knowledge and expertise, particularly in policies that support startup establishment. Discussions also included initiatives to enhance SME investments, facilitate exports, and open access to new markets.

This inaugural meeting follows the May 2024 signing of a memorandum of understanding (MoU) between the UAE Ministry of Economy and Korea’s Ministry of SMEs and Startups, which established the Committee. The MoU provides a framework for fostering entrepreneurship and investment collaboration between the two nations.

Promoting Global Opportunities for SMEs
By leveraging the strengths of both nations, the UAE-Korea SME Committee seeks to drive innovation, broaden market access, and support sustainable growth for startups and SMEs. These efforts aim to unlock new opportunities in the global marketplace, reinforcing the strategic partnership between the UAE and Korea in their pursuit of shared economic prosperity.