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1/2/25, 5:12 PM UAE-Korea SME Committee holds first meeting in Seoul – The Gulf Time Newspaper
UAE-Korea SME Committee holds first meeting in Seoul

SEOUL / WAM

The UAE-Korea SMEs and Startup Committee held its first meeting in the Korean capital, Seoul, chaired by Alia bint Abdullah Al Mazrouei, Minister of
State for Entrepreneurship, and Oh Youngju, Korean Minister of SMEs and Startups.
The meeting aimed to strengthen the partnership between the two countries in entrepreneurship, startups, and innovation and boost 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.
Al Mazrouei emphasised the strength and vitality of UAE-Korea relations, characterised 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 Mohamed 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.
She said that the committee meeting is an important step in supporting the competitiveness of the entrepreneurial environment in the markets of the two
countries. It enhances efforts to provide more enablers that increase our markets’ attractiveness to entrepreneurs and startups. Besides, it helps
capitalise 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.
Al Mazrouei 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.”
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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