emirates7 - The UAE-Korea SMEs and Startup Committee held its inaugural meeting in Seoul, chaired by Alia bint Abdullah Al Mazrouei, UAE Minister of State for Entrepreneurship, and Oh Youngju, Korean Minister of SMEs and Startups.
The meeting aimed to strengthen the entrepreneurial, startup, and innovation partnership between the two countries, enhancing cooperation among relevant institutions and stakeholders. It took place alongside the UAE delegation's participation in the "ComeUp 2024" startup festival on December 11th and 12th.
Al Mazrouei highlighted the strong and dynamic UAE-Korea relations, noting their advanced strategic partnerships across various fields and the recent exchange of high-level visits, including President His Highness Sheikh Mohamed bin Zayed Al Nahyan’s visit to Korea in May, which led to the signing of the Comprehensive Economic Partnership Agreement.
She emphasized that the Committee's meeting is a crucial step in boosting the competitiveness of the entrepreneurial ecosystems in both countries, aiming to make their markets more attractive to startups. The meeting also underscored the importance of leveraging the advanced infrastructure and flexible legislative frameworks of both nations to support entrepreneurs, foster innovation, and increase creativity.
Al Mazrouei further stressed that the discussed topics would help expand the partnership between the two countries in entrepreneurship and improve SMEs' ability to capitalize on the economic strengths of both nations. The Ministry of Economy is dedicated to supporting Korean SMEs seeking to expand and invest in the UAE.
She also shared the UAE’s vision to develop an entrepreneurial environment based on global best practices, focusing on streamlining business practices and improving the research and development ecosystem. Additionally, she highlighted initiatives like the 'Riyada' fund, which allocates AED300 million in incentives to support graduates in entrepreneurship and aims to boost the success rate of entrepreneurs from 30% to 50% by 2031.
Oh Youngju expressed optimism about the UAE delegation's participation in the inaugural Korea-UAE Joint Committee, calling it a significant step in expanding the economic partnership between the two countries. She emphasized the Committee’s role in fostering innovation and broadening the international market for SMEs and startups.
The meeting also explored ways to exchange knowledge and expertise on creating business environments conducive to startups and discussed policies and regulations. Both sides agreed to explore new initiatives to accelerate SME growth, enhance investments, and facilitate exports, allowing access to new markets.
The meeting was held under a memorandum of understanding (MoU) signed in May between the Ministry of Economy and Korea’s Ministry of SMEs and Startups, which established the Committee to strengthen bilateral relations in entrepreneurship and investment.
The meeting aimed to strengthen the entrepreneurial, startup, and innovation partnership between the two countries, enhancing cooperation among relevant institutions and stakeholders. It took place alongside the UAE delegation's participation in the "ComeUp 2024" startup festival on December 11th and 12th.
Al Mazrouei highlighted the strong and dynamic UAE-Korea relations, noting their advanced strategic partnerships across various fields and the recent exchange of high-level visits, including President His Highness Sheikh Mohamed bin Zayed Al Nahyan’s visit to Korea in May, which led to the signing of the Comprehensive Economic Partnership Agreement.
She emphasized that the Committee's meeting is a crucial step in boosting the competitiveness of the entrepreneurial ecosystems in both countries, aiming to make their markets more attractive to startups. The meeting also underscored the importance of leveraging the advanced infrastructure and flexible legislative frameworks of both nations to support entrepreneurs, foster innovation, and increase creativity.
Al Mazrouei further stressed that the discussed topics would help expand the partnership between the two countries in entrepreneurship and improve SMEs' ability to capitalize on the economic strengths of both nations. The Ministry of Economy is dedicated to supporting Korean SMEs seeking to expand and invest in the UAE.
She also shared the UAE’s vision to develop an entrepreneurial environment based on global best practices, focusing on streamlining business practices and improving the research and development ecosystem. Additionally, she highlighted initiatives like the 'Riyada' fund, which allocates AED300 million in incentives to support graduates in entrepreneurship and aims to boost the success rate of entrepreneurs from 30% to 50% by 2031.
Oh Youngju expressed optimism about the UAE delegation's participation in the inaugural Korea-UAE Joint Committee, calling it a significant step in expanding the economic partnership between the two countries. She emphasized the Committee’s role in fostering innovation and broadening the international market for SMEs and startups.
The meeting also explored ways to exchange knowledge and expertise on creating business environments conducive to startups and discussed policies and regulations. Both sides agreed to explore new initiatives to accelerate SME growth, enhance investments, and facilitate exports, allowing access to new markets.
The meeting was held under a memorandum of understanding (MoU) signed in May between the Ministry of Economy and Korea’s Ministry of SMEs and Startups, which established the Committee to strengthen bilateral relations in entrepreneurship and investment.