Korea-UAE signed a memorandum of understanding to establish the Small and Medium Venture Committee
The Ministry of SMEs and Startups (Minister Oh Young-joo) announced that it signed a memorandum of understanding with the UAE Ministry of Economy (Minister Abdulla Bin Touq Al Marri) to establish the Korea-UAE Small and Medium Venture Committee.
The signing ceremony of this Memorandum of Understanding was held at the Presidential Office in Yongsan on the 29th in the presence of the leaders of the two countries on the occasion of the state visit of President Mohamed bin Zayed Al Nahyan of the United Arab Emirates and the summit meeting with President Yoon Seok-yeol.
In January 2023, following President Yoon Seok-yeol’s visit to the UAE, the Ministry of SMEs and Startups and the UAE Ministry of Economy met to sign a memorandum of understanding (MOU) on small and medium-sized venture cooperation, and have continued close cooperation since then.
* Memorandum of Understanding on cooperation in the field of small and medium-sized enterprises and innovation between the Ministry of SMEs and Startups of Korea
and the Ministry of Economy of the UAE In June last year, ‘K-business Day in Middle East’, a large-scale trade, technology and investment conference, was jointly held in the UAE with the Ministry of Economy of the UAE to promote Korean small and medium-sized businesses. We helped 78 companies enter the UAE, and in November, we created the first UAE national pavilion at COMEUP, a domestic startup event (festival), with more than 100 UAE delegations participating. Also, early this year, a delegation from the Ministry of SMEs and Startups attended Investopia, a UAE international (global) investment event chaired by the Minister of Economy.
The two ministries highly evaluated the achievements of cooperation so far and decided to establish a regular ministerial-level consultative body to maintain the momentum of exchange in the small and medium-sized venture sector between the two countries and to continuously expand cooperation. This is the first time in both countries that a ministerial-level consultative body dedicated to the small and medium-sized venture sector has been established. Both ministries promised to regularly and comprehensively review their achievements and hold the first Small and Medium Venture Committee within the year.
The Korea-UAE Small and Medium Venture Committee, which will be newly established through this Memorandum of Understanding, will be chaired by the Minister of SMEs and Startups and the Minister of Economy, and will be held regularly with the participation of relevant ministries and organizations in the small and medium venture sector of both countries. In the future, through this committee, overall matters such as exchange of experts and information, institutional cooperation, public-private cooperation, and infrastructure cooperation in the field of small and medium-sized enterprises and start-ups will be handled, and mutual exchanges between small and medium-sized enterprises of the two countries and global cooperation will be handled. It is expected to become a bridgehead for advancement.
Minister of SMEs and Startups Oh Young-joo said, “The Korea-UAE Small and Medium Venture Committee shared the recognition that small and medium-sized businesses and start-ups are at the center of economic cooperation between the two countries, based on the trust that has been established between the Ministry of SMEs and Startups and the Ministry of Economy. “ It is significant in that a ministerial-level consultative body for the small and medium-sized venture sector has been created,” he emphasized.
“With this committee as a milestone, we will continue to develop the small and medium-sized venture cooperation model between the two countries in the future to help our small and medium-sized enterprises and start-ups successfully advance into the UAE and the Middle East.” “We will focus our policy capabilities to help.”
Editor Miso
