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UAE, South Korea To Support Entrepreneurs, SMEs

The United Arab Emirates and South Korea have signed a joint agreement to support the growth of entrepreneurs as well as small and medium-sized establishments. The initiative, spearheaded by National Programme for Small and Medium-Sized Enterprises, which comes under the UAE Ministry of the Economy, inked the agreement with the Korea Knowledge Sharing Programme of the Korea Development Institute, a Government agency.

The effort involves 11 local and federal agencies in the United Arab Emirates, including the UAE Ministry of Finance, the Central Bank of the United Arab Emirates, the Khalifa Fund for Enterprise Development, and the Mohammed bin Rashid Establishment for SME Development. It will also involve the participation of the Korea Development Institute, the Korea Institute of Government Procurement, Hanyang University, and other South Korean institutions.

The two countries will jointly work together to explore their cooperation in the avenues of entrepreneurship as well as the development of small and medium-sized establishments. During the 11 months of the initiative, they will discuss policy, incentives to boost growth, means of financing, and development frameworks. Abdullah Al Saleh, the Under Secretary of the Ministry of Economy, said that the United Arab Emirates is keen to support entrepreneurship and improve the competitiveness of the business climate.

According to the Global Entrepreneurship Monitor rankings for 2021, the United Arab Emirates leads the way in entrepreneurship. South Korea is an international model when it comes to supporting small and medium-sized establishments. The new initiative will promote the visions of both countries and exchange best practices. Small and medium-sized establishments make up 99% of all companies in South Korea; while in the United Arab Emirates, they account for 98.5% of the private sector.

In April 2022, the UAE Ministry of Economy signed a Memorandum of Understanding with the Korea Federation of SMEs to promote cooperation in select areas. The MoU is intended to enable both Emirati and South Korean companies to enter the markets of the two countries effectively and more easily. It aims to improve the linkage between entrepreneurs, small and medium-sized establishments, suppliers, and trading partners in both countries so that everyone gains a competitive advantage.

His Excellency Dr. Ahmad Belhoul Al Falasi, UAE Minister of State for Entrepreneurship and SMEs, added that the development of international partnerships is a major area of focus for the United Arab Emirates, and that South Korea is a significant partner in the United Arab Emirates' efforts to develop entrepreneurship. He remarked that the MoU, signed with Kim Ki-moon, Chairman of the Korea Federation of SMEs, would drive stimulate investments in innovation as well as research and development.

New Horizons Business Consultants is a provider of business setup services based in Dubai, United Arab Emirates. It is headed by Francesca Bouwman, who has years of experience in International Business Advisory and fluently speaks several European languages. For more details, call +971 58 500 8643 or email [email protected]

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