The UAE-Korea SMEs and Startup Committee held its first meeting in the Korean capital, Seoul, chaired by Alia bint Abdullah Al Mazrouei, Minister of State for Entrepreneurship, and Oh Youngju, Korean Minister of SMEs and Startups.
The meeting aimed to strengthen the partnership between the two countries in entrepreneurship, startups, and innovation and boost cooperation between relevant institutions and stakeholders on both sides. The meeting took place on the sidelines of the UAE delegation’s visit to Korea to participate in the “ComeUp 2024” startup festival held on 11th and 12th December.
Al Mazrouei emphasised the strength and vitality of UAE-Korea relations, characterised by distinguished and advanced strategic partnerships in all fields and the exchange of high-level visits. The most recent of this was the visit of President His Highness Sheikh Mohamed bin Zayed Al Nahyan to Korea last May, during which the two countries signed the Comprehensive Economic Partnership Agreement, expanding the fields of economic and investment cooperation.
She said that the Committee meeting is an important step in supporting the competitiveness of the entrepreneurial environment in the markets of the two countries. It enhances efforts to provide more enablers that increase our markets’ attractiveness to entrepreneurs and startups. Besides, it helps capitalise on the advanced infrastructure and flexible legislative policies offered by both the UAE and Korea to support startup owners and motivate them to achieve more innovation and creativity.
Al Mazrouei added, “The topics and themes discussed by the Committee meeting today will play a key role in expanding the partnership between the two countries in the field of entrepreneurship and enhancing SMEs’ ability to benefit from the economic strengths of both countries.”
She pointed out that the Ministry of Economy is committed to supporting Korean SMEs wishing to expand and invest in the UAE markets and enhancing cooperation to achieve the Committee’s goals.
During the meeting, she highlighted the UAE’s vision for developing an entrepreneurial environment in line with global best practices. She reviewed the efforts to streamline business practices and enhance the research and development ecosystem concerned with innovation.
Additionally, she discussed new initiatives designed to increase the success rate of entrepreneurs from 30 percent to 50 percent by 2031. One key initiative is the ‘Riyada’ fund, which has allocated AED300 million in incentives to encourage graduates to pursue entrepreneurship. The fund also aims to foster an entrepreneurial mindset and culture, as well as create a unified national platform that coordinates the ecosystem’s efforts and accomplishments.
Oh Youngju stated that the UAE delegation’s presence at the inaugural Korea-UAE Joint Committee marks a promising step towards expanding economic partnerships between the two countries.
“We will build on our cooperation through this Committee to develop innovative approaches in the SMEs sector, promote creativity and innovation, broaden the international market, and work towards achieving common objectives for SMEs and startup growth in both countries,” she added.
The meeting discussed ways to strengthen collaboration to exchange knowledge and expertise on the role of the business environment in facilitating the establishment of startups, in addition to related policies and regulations. Furthermore, the two sides explored opportunities for collaboration to develop new initiatives to accelerate SMEs’ growth in both markets. These efforts will enhance their investments and facilitate their exports, enabling access to new markets.
The UAE-Korea SMEs Committee meeting was held based on a memorandum of understanding (MoU) signed by the Ministry of Economy and the Ministry of SMEs and Startups of the Republic of Korea in May. The MoU established the Committee, laying down a practical framework for strengthening bilateral relations in the entrepreneurship and investment fields.
