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1/2/25, 5:13 PM UAE-Korea SME Committee holds first meeting to enhance partnerships in entrepreneurship - Middle East News 247
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.

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