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1/2/25, 5:12 PM UAE-Korea SME Committee holds first meeting in Seoul - Aletihad News Center
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.

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