UAE launches cooperation programme with South Korea to support SMEs

By Pranali Mehta  | Date: 2022-07-02

UAE launches cooperation programme with South Korea to support SMEs

UAE and South Korea have recently announced collaboration to drive entrepreneurship.

The two nations represented by UAE’s Ministry of Economy’s National Programme for Small & Medium-Sized Enterprises (SMEs) and the Korea Development Institute-led Korea Knowledge Sharing Programme, signed a joint cooperation scheme to support SMEs.

Altogether, the programme covers 11 federal and local authorities responsible for entrepreneurship including the Central Bank of the UAE, Mohammed bin Rashid Establishment for SME Development, the Ministry of Finance, and the Khalifa Fund.

Meanwhile from Korea, the concerned authorities include the Korea Institute of Government Procurement, Korea Development Institute, Hanyang University, and a couple of other institutions in the country.

Over the 11-month timeframe, both nations will solidify joint efforts in entrepreneurship and SME development, while the participants will assess the business ecosystem in UAE and South Korea to understand their policies, financing options, incentives, and development frameworks.

Abdullah Al Saleh, Under-Secretary of the Ministry of Economy addressed the latest cooperation as a part of UAE’s efforts to boost competitiveness and support entrepreneurship, considering it is one of the key drivers of income diversification.

Moreover, it considered as core to the country’s upgraded economic model.

Saleh added that the collaboration is a new milestone that will unlock new opportunities for SMEs in the country and introduce best global practices when it comes to entrepreneurship.

According to the Global Entrepreneurship Monitor (GEMS), the UAE’s entrepreneurship landscape ranked first in 2021 among all other Middle Eastern participants.

South Korea, on the other hand, is a global model of fostering SMEs and with the launch of the latest programme, the country will onset rigorous efforts to promote the joint visions and strategies associated with entrepreneurship and will allow the nations to exchange best practices.

Previously in April, the Ministry of Economy and the Korea Federation of SMEs signed a Memorandum of Understanding (MoU) with a view to accelerate cooperation between the countries in the concerned areas.

Through the new national programme’s identity, UAE’s Emirati entrepreneurs and SMEs can tap into a broad range of related initiatives and comprehensive services.

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Pranali Mehta

Pranali Mehta

A chemical engineer by qualification, Pranali Mehta has dutifully walked down the slated path and worked in the chemicals industry for a year. Her passion for writing however, pushed her into experimenting with the same as a career. With over three years of experience...

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