UAE & South Korea collaborate on program to support entrepreneurs, SMEs

By Arya M Nair, Intern Reporter
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The UAE Ministry of Economy’s National Program for Small and Medium-Sized Enterprises (SME) has signed a joint cooperation program with the South Korea Development Institute’s Korea Knowledge Sharing Program, to support entrepreneurs and SMEs.

The program comprises 11 federal and local authorities concerned with entrepreneurship and SMEs in the country, including the Ministry of Finance, the Central Bank of the UAE, the Khalifa Fund for Enterprise Development, and the Mohammed bin Rashid Establishment for SME Development, as well as the Korea Institute of Government Procurement, Hanyang University, and several other Korean institutions.

The two sides will explore their collaboration in entrepreneurship and SME development during the 11-month program, and its participants will analyze the business environment in the two countries based on policies, incentives, development frameworks, and financing options.

Abdullah Al Saleh
Abdullah Al Saleh

“UAE is keen to enhance the competitiveness of the business environment and support entrepreneurship, being one of the foundations of the country’s new economic model and a key driver of income diversification. Our cooperation with the South Korean side is a new milestone aimed at exploring the best global practices in the field of entrepreneurship, as well as an opportunity to support SMEs in the country.”

According to the Global Entrepreneurship Monitor (GEMS) in 2021, the UAE is one of the leading countries for entrepreneurship and is ranked first in this field. At the same time, South Korea is a global model of supporting SMEs, and the launch of the program to promote the joint visions and strategies of the two countries in entrepreneurship and exchange the best-related practices.

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