Page 715 - MOE ENGLISH PR REPORT

Page 715 - MOE ENGLISH PR REPORT - DECEMBER 2024

P. 715

1/2/25, 5:12 PM UAE-Korea SME Committee holds first meeting

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.

-Ends-