Emirates News Agency – UAE and South Korea sign memorandum of understanding to boost entrepreneurship and SMEs

ABU DHABI, 21st April, 2022 (WAM) –The Ministry of Economy of the United Arab Emirates (MoE) and the Confederation of SMEs of Korea (KBIZ) have signed a memorandum of understanding to strengthen cooperation between the two countries to develop entrepreneurship and strengthen the economy improve partnerships between SMEs.

The MoU was signed by Abdullah Al Saleh, Under Secretary of the Economy Ministry; and Kim Ki-mun, Chairman of KBIZ, in the presence of Dr. Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs.

Commenting on the partnership, Al Falasi said that the UAE is interested in strengthening cooperation with South Korea in all areas. He explained that promoting entrepreneurship, working together to support the SME ecosystem and expanding cooperation between the private sectors of the two countries are the main goals of the partnership.

He added: “The UAE attaches great importance to the development of the SME sector as one of the main pillars of the country’s new economic model and its strategic plans for the future, in line with the principles and goals of the 1950s. International development Partnerships are an important focus area of ​​UAE efforts in this regard, and South Korea is a key partner for the UAE in our entrepreneurship development efforts.

“Signing the MoU will help us strengthen the role of entrepreneurs and SMEs in the two countries in economic cooperation and facilitate the development of partnerships, especially in the fields of health technology and smart agriculture. It will also fuel the growth of trade exchanges and stimulate the flow of high-quality investment in innovation, research and development.”

Under the terms of the MoU, in the next phase, the two parties will jointly design flexible partnership programs that will enable Emirati and Korean SMEs to more easily and effectively enter the two countries’ markets.

They will also collaborate in sharing knowledge on the development of programmes, policies and legislation related to the entrepreneurship sector in the two countries. The MoU will also strengthen the link between SMEs in the UAE and their counterparts in South Korea as suppliers and trading partners with competitive advantage.

The two parties also agreed to develop a platform to support SMEs to identify promising investment opportunities in each other’s markets. They also set up cooperation mechanisms to support and exchange market research and information, enable experts to support SMEs, mutually participate in international events related to the entrepreneurship sector and benefit from entrepreneurship support infrastructure and its development.

The entrepreneurship and SME sector accounts for 99 percent of all companies in South Korea, while the sector in the UAE accounts for 98.5 percent of the private sector.

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