UAE Ministry of Economy (MoE) and the Korea Federation of SMEs (KBIZ) have signed a Memorandum of Understanding (MoU) in order to enhance cooperation between the two countries to develop entrepreneurship and strengthen partnerships between SMEs.
The MoU was signed by Mr. Abdullah Al Saleh, Under-Secretary of the Ministry of Economy, and Mr. Kim Ki-mun, Chairman of KBIZ, in the presence of Dr. Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs.
Under the terms of the MoU, the two parties will jointly design flexible partnership programs, through which Emirati and Korean SMEs will be able to enter the markets of the two countries more easily and effectively.
“UAE is keen to strengthen cooperation with South Korea in all fields. The UAE attaches great importance to the development of the SMEs sector as one of the main pillars of the country’s new economic model and its strategic plans for the future in line with the principles and goals of the 50. The development of international partnerships is a major focus area of the UAE’s efforts in this regard, and South Korea is a significant partner for the UAE in our efforts to develop entrepreneurship. The signing of the MoU will help us strengthen the role of entrepreneurs and SMEs in the two countries in economic cooperation and facilitate the development of partnerships, especially in health technology and smart agriculture. It will also drive the growth of trade exchanges and stimulate the flow of quality investments in innovation, research, and development.”
As per the statement, both the parties will also cooperate in exchanging knowledge regarding the development of programs, policies, and legislation related to the entrepreneurship sector in the two countries. The MoU will also increase the linkage between SMEs in the UAE and their counterparts in South Korea as suppliers and trading partners with a competitive advantage.
They also agreed to develop a platform to support SMEs to enable them to identify promising investment opportunities in each other’s markets.
“They also established mechanisms for cooperation to support and exchange market research and information, allow the assistance of experts with regard to supporting SMEs, mutual participation in international events related to the entrepreneurship sector, and benefit from the infrastructure supporting entrepreneurship and its development,” according to the statement.