Page 720 - MOE ENGLISH PR REPORT - DECEMBER 2024

1/2/25, 5:13 PM UAE-Korea SME Committee holds first meeting to enhance partnerships in entrepreneurship, startups and innovation between t…
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.

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