Page 728 - MOE ENGLISH PR REPORT - DECEMBER 2024

1/2/25, 5:14 PM UAE-Korea SME Committee Holds First Meeting In Seoul To Boost Cooperation - OneArabia

During discussions, Al Mazrouei outlined the UAE's vision for fostering an entrepreneurial environment aligned with global best practices. Efforts
are being made to streamline business operations and boost research and development focused on innovation. New initiatives aim to increase

entrepreneurs' success rates from 30% to 50% by 2031.

A notable initiative is the 'Riyada' fund, which has allocated AED300 million to encourage graduates towards entrepreneurship. This fund aims to
cultivate an entrepreneurial mindset while establishing a unified national platform for coordinating ecosystem efforts.

Expanding Economic Partnerships

Oh Youngju expressed optimism about the UAE delegation's involvement at the first Korea-UAE Joint Committee meeting. "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 explored ways to enhance collaboration by exchanging knowledge on how business environments facilitate startups. Discussions
also covered related policies and regulations. Both sides considered opportunities for joint initiatives aimed at accelerating SME growth in their
respective markets.

Framework for Bilateral Cooperation

The establishment of this Committee was based on a memorandum of understanding (MoU) signed between the Ministry of Economy of UAE
and Korea's Ministry of SMEs and Startups last May. This MoU provides a framework for strengthening bilateral relations in entrepreneurship and

investment fields.

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