UAE and South Korea sign MoU for cooperation in the development of entrepreneurship and SMEs

H.E. Al Falasi: South Korea is a major partner of the UAE in the field of entrepreneurship and the MoU will enhance the role of SMEs in the two countries in increasing trade & investment exchanges

 The UAE Ministry of Economy (MoE) and the Korea Federation of SMEs (KBIZ)  signed a memorandum of understanding (MoU) to enhance joint cooperation between the two countries in the development of entrepreneurship and to strengthen partnerships between SMEs. The MoU was signed by H.E. Abdullah Al Saleh, Undersecretary of the Ministry of Economy; and H.E. Kim Ki-mun, Chairman of KBIZ, in the presence of H.E. Dr. Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs.

Commenting on the partnership, H.E. Al Falasi said that the UAE is keen to strengthen cooperation with South Korea in all fields. He explained that the promotion of entrepreneurship, cooperation in supporting the SMEs ecosystem and the expansion of cooperation between the private sectors of the two countries are the major goals of the partnership.

H.E. added: “The UAE attaches great importance to the development of the SMEs 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 50. The development of international partnerships is a major focus area of the UAE’s efforts in this regard, and South Korea is a major partner for the UAE in our efforts to develop entrepreneurship. The signing of the MoU will help us strengthen the role of entrepreneurs and SMEs in the two countries in fields of economic cooperation and facilitate the development of partnerships, especially in the sectors of health technology and smart agriculture. It will also drive the growth of trade exchanges and stimulate the flow of quality investments in the fields of innovation, research and development.”

Under the terms of the MoU, the two parties will jointly design flexible partnership programs during the next phase, through which Emirati and Korean SMEs will be able to enter the markets of the two countries more easily and effectively. They will also cooperate in the exchange of knowledge regarding the development of programs, policies and legislation related to the entrepreneurship sector in the two countries. The MoU will also contribute to increasing the linkage between SMEs in the UAE and their counterparts in South Korea as suppliers and trading partners with a competitive advantage.

The two parties also agreed to develop a joint platform to support SMEs with the aim of enabling them to identify promising investment opportunities in each other’s markets. They also established mechanisms for cooperation to support and exchange market research and information, enable assistance of experts with regard to supporting SMEs, mutual participation in international events related to the entrepreneurship sector, and benefit from the infrastructure supporting entrepreneurship and its development.

The entrepreneurship and SMEs sector accounts for 99 per cent of the total companies in South Korea, while the sector in the UAE accounts for 98.5 per cent of the private sector.