Page 76 - MOE ENGLISH PR REPORT - DECEMBER 2024 (International)

Press Release

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.

-Ends-

For further information, please contact:

Orient Planet Group (OPG)
Tel: +971 4 4562888
Email: media@orientplanet.com
Website: www.orientplanet.com