The UAE and South Korea signed an agreement to launch a joint cooperation program to support entrepreneurs and SMEs.
The UAE Ministry of Economy’s National Program for Small and Medium-Sized Enterprises and South Korea’s Korea Knowledge Sharing Program of the Korea Development Institute inked the agreement.
The program comprises 11 federal and local authorities concerned with entrepreneurship and SMEs, 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.
The Korea Development Institute, the Korea Institute of Government Procurement, Hanyang University and several other Korean institutions also comprise the program.
During the 11-month program, the two sides will discuss and cooperate in entrepreneurship and SME development.
Participants will analyze the business environment in the two countries in terms of policies, incentives, development frameworks and means of financing.
Abdullah Al Saleh, Under-Secretary of the Ministry of Economy, said the UAE is keen to enhance the competitiveness of the business environment. The UAE will also support entrepreneurship as it is one of the foundations of the country’s new economic model and a key driver of income diversification.
He said that cooperation with the South Korea is aimed at exploring the best global practices in the field of entrepreneurship as well as an opportunity to support SMEs in the country.
The UAE is one of the leading countries in the field of entrepreneurship and is ranked first in the region, according to the Global Entrepreneurship Monitor (GEMS) in 2021.
South Korea is a global model of supporting SMEs and the launch of the program is to promote joint visions and strategies of the two countries in entrepreneurship and exchange best practices in the field.
The UAE’s Ministry of Economy recently signed a Memorandum of Understanding (MoU) with the Korea Federation of SMEs in April 2022 to promote cooperation between the two countries in relevant areas.
The ministry also announced a new national program through which Emirati entrepreneurs and SMEs can explore a series of related initiatives and comprehensive services.