Ministry of SMEs and Startups-UAE, Expanding SME and Venture Cooperation... "Supporting the Second Middle East Boom"

‘Investopia’ Hosts Korean Companies
Meeting with Almari Minister of Economy to Discuss Cooperation Plans

The Ministry of SMEs and Startups and the United Arab Emirates (UAE) have expanded cooperation in the SME and startup sector.

President Yoon Suk-yeol is meeting with Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE (Ruler of Dubai), at Zabeel Palace in Dubai during his state visit to the United Arab Emirates (UAE) on January 17 last year (local time).
[Photo by Yonhap News]

The Ministry of SMEs and Startups (MSS) announced on the 3rd that Korean companies attended the global investment event "Investopia" held in Abu Dhabi, UAE, on the 28th and 29th of last month. Lee Dae-hee, Director General of the SME Policy Bureau at MSS, also participated in the event.

Investopia, which began in 2021, is an international event targeting investors, innovative companies, and government officials to connect and facilitate local entry in 12 major innovation sectors in the UAE, including transportation, education, and healthcare.

MSS's participation in Investopia is a follow-up measure to the Memorandum of Understanding on SME and startup cooperation signed under the joint attendance of the two countries' heads of state in January last year. It was materialized through bilateral talks between the two ministers during MSS's visit to the UAE in June last year and the participation of UAE Minister of Economy Al Mari in the ComeUp event in November.

On the 28th of last month, two memorandums of understanding were signed on Korea-UAE innovative startup exchange and venture investment cooperation in the presence of both governments and Ryu Je-seung, the Korean Ambassador to the UAE.

On the same day, MSS also met with Minister Al Mari of the Ministry of Economy to discuss ways to cooperate in the SME and startup sectors between the two countries. MSS proposed the establishment of a ministerial-level consultative body for the SME and startup sector, and agreed to conduct working-level discussions with the Ministry of Economy.

Meanwhile, 19 Korean SMEs participated in export consultation meetings held on the 27th and 29th in Riyadh, Saudi Arabia, and Dubai, UAE, respectively. Each company met an average of 15 buyers, resulting in five export contracts and six memorandums of understanding signed.

Director General Lee said, "Since the summit diplomacy, the governments of Korea and the UAE are joining forces to expand exchanges and cooperation in the SME and startup sectors. Having experienced the UAE's SME and startup ecosystem more deeply through participation in Investopia, MSS will support the expansion of exchanges between the two countries so that a second Middle East boom can continue."