UAE and South Korea sign new MoU

The UAE Ministry of Economy (MoE) and the Korea Federation of SMEs (KBIZ) signed a memorandum of understanding (MoU) to enhance joint cooperation between the two countries in the development of entrepreneurship and to strengthen partnerships between SMEs.

The MoU was signed by Abdullah Al Saleh, Undersecretary of the Ministry of Economy; and Kim Ki-mun, Chairman of KBIZ, in the presence of Dr Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs.

The two parties also agreed to develop a joint platform to support SMEs with the aim of enabling 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, enable 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.

Al Falasi said, “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 major 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 fields of economic cooperation and facilitate the development of partnerships, especially in the sectors of health technology and smart agriculture. It will also drive the growth of trade exchanges and stimulate the flow of quality investments in the fields of innovation, research and development,” he added.