UAE-Korea SME Committee holds first meeting to enhance partnerships in entrepreneurship, startups and innovation between the two countries

Meeting takes place on the sidelines of the UAE delegation’s participation in ComeUp Korea startup festival

Abu Dhabi, 11 December 2024:

The UAE-Korea SMEs and Startup Committee held its first meeting in the Korean capital, Seoul, chaired by Her Excellency Alia bint Abdullah Al Mazrouei, Minister of State for Entrepreneurship, and Her Excellency Oh Youngju, Korean Minister of SMEs and Startups. The meeting was aimed at strengthening the partnership between the two countries in the fields of entrepreneurship, startups and innovation, and boosting 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 December 11 and 12.

In this regard, Her Excellency Alia Al Mazrouei emphasized the strength and vitality of the UAE-Korea relations, which are characterized 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 UAE President His Highness Sheikh Mohammed 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.

Her Excellency said: “We are keen to enhance cooperation with our partners in the Korean government in the field of SMEs and the Committee meeting is an important step in supporting the competitiveness of the entrepreneurial environment in the markets of the two countries. It enhances our efforts to provide more enablers that increase our markets’ attractiveness to entrepreneurs and startups. Besides, it helps us capitalize 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.”

Her Excellency 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." Her Excellency pointed out that the Ministry of Economy is committed to providing all forms of support to Korean SMEs wishing to expand and invest in the UAE markets and enhancing cooperation to achieve the Committee's goals.

During the meeting, Her Excellency highlighted the UAE's vision for the development of is 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, Her Excellency discussed new initiatives designed to increase the success rate of entrepreneurs from 30 per cent to 50 per cent by 2031. One key initiative is the ‘Riyada’ fund, which has allocated AED 300 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.

H.E. Oh Youngju Minister of SMEs and Startups, said: "We are delighted by the visit of H.E. Alia Mazrouei in Korea, accompanied by a large UAE delegation, to participate in the inaugural Korea-UAE Joint Committee on SMEs and Startups. This is a valuable opportunity to enhance the economic ties between our two countries in the next stage."

"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," H.E. added.

The meeting discussed ways to strengthen collaboration to exchange knowledge and expertise on the role of 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 by virtue of 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.