UAE and Korea launch joint program to empower national SMEs

H.E. Al Saleh: UAE-Korean collaboration will enhance growth opportunities, funding mechanisms and competitiveness of Emirati SMEs

The UAE, represented by the National Program for Small and Medium Enterprises (SMEs), and Korea, represented by Korean knowledge sharing program managed by the Korea Development Institute (KDI), launched a joint program in the field of entrepreneurship and SMEs. The program is designed to support the growth of national SMEs and enhance their funding mechanisms and competitiveness, thus ensuring the contribution of new economic sectors to the UAE’s overall national economic growth.

The program features the participation of 11 federal and local entities that are related to the country’s entrepreneurship and SMEs sectors. The members from the UAE side include the Ministry of Finance, UAE Central Bank, Khalifa Fund for Enterprise Development and Dubai SME. Apart from KDI, Korea Institute of Procurement, Hanyang University, and other Korean institutes are also members of the program.

During the 11-month program, both sides will collaborate to promote partnership opportunities in entrepreneurship and the means for the overall development of SMEs in both countries. The members will jointly analyze

the business environment in both countries in terms of existing legislation, laws, incentives, development aspects, and growth of the entrepreneurial environment. The program will also explore funding mechanisms of SMEs and funding institutions.

H.E Abdulla Al Saleh, Undersecretary of the Ministry of Economy, emphasized that the UAE is committed to enhancing the competitiveness of its entrepreneurship environment and driving its development, considering its significance as one of the major pillars of the UAE’s new economic model. The UAE’s vision is to become an internationally favored destination for entrepreneurs by promoting startups and supporting their development and expansion through establishing an environment that attracts investments and projects. These efforts are key to building a future economy that is based on the goals and principles of the 50 and the UAE Centennial 2071, he noted.

H.E. added: “The collaboration with Korea is a new step to familiarize ourselves with the latest, top global entrepreneurial practices. It serves as an ideal opportunity to support SMEs and provide them with growth capabilities, funding mechanisms, as well as increasing their competitiveness in various economic activities, be it in local or foreign markets. This move further promotes the overall development of business and investment environment in the country, while also introducing stakeholders to successful global entrepreneurial experiences.”

The UAE is considered one of the leading countries in the field of entrepreneurship, with it taking the lead in the Global Entrepreneurship Monitor (GEMS) 2021. Similarly, Korea is also seen as an international model in supporting SME growth. Therefore, this program falls in line with the shared entrepreneurship development aspirations and strategies of both countries through facilitating the exchange of best practices in the field.

The Ministry of Economy had signed an MoU with the Korea Federation of SMEs in April this year. The memorandum aims to promote collaboration prospects between the two in supporting and developing entrepreneurship, the exchange of expertise in government procurement, and its role in increasing growth and competitiveness opportunities for SMEs.

The Ministry had recently launched the new national program ID, which offers national entrepreneurs and owners of SMEs a set of initiatives and comprehensive services to boost their businesses with more growth prospects and accessibility to markets.

For more details, visit: https://www.uaesme.ae/ar.