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1/2/25, 5:12 PM UAE-Korea SME Committee holds first meeting to enhance partnerships in entrepreneurship, startups and innovation between t…

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

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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
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