Korea-UAE Cooperation Achievements for Venture Business Expansion: "We Will Support Greater Success"

'19th Han-UAE SME Venture Cooperation Meeting' Held
Participating Companies, Support Agencies, and Investors from Both Countries Attend

As a result of government and private sector cooperation between Korea and the United Arab Emirates (UAE) to support the entry of domestic small and venture companies into the UAE market, participation in COMEUP and the establishment of the Dubai Overseas Mission Small Business One-Team Council were highlighted.

President Yoon Suk-yeol is shaking hands and taking a commemorative photo with Mohammed bin Zayed Al Nahyan, President of the United Arab Emirates (UAE), who visited South Korea as a state guest on the 29th of last month at the Yongsan Presidential Office building in Seoul.
[Photo by Yonhap News]

On the morning of the 19th, the Ministry of SMEs and Startups held the ‘Korea-UAE SME and Venture Cooperation Meeting’ at the Korea Chamber of Commerce and Industry in Seoul. Attendees included small and venture companies that have entered the UAE market and achieved results, as well as support organizations and investors from both countries assisting their UAE market entry.

The meeting was organized to listen to the difficulties and suggestions faced by SMEs and ventures in the UAE market, following the signing of the ‘Korea-UAE SME and Venture Committee Establishment Memorandum of Understanding (MOU)’ between the Ministry of SMEs and Startups and the UAE Ministry of Economy during the state visit of UAE President Mohammed bin Zayed Al Nahyan on the 29th of last month.

The Ministry of SMEs and Startups introduced three major achievements of cooperation between the two governments at the event. First, it emphasized the continuous creation of exchange opportunities between companies of both countries based on the ‘Korea-UAE SME and Startup Cooperation MOU’ signed during President Yoon Suk-yeol’s state visit in January last year. In June last year, a joint export consultation meeting was held locally with the UAE Ministry of Economy, and in November, a ‘UAE Pavilion’ was set up at COMEUP, Korea’s largest startup event, with a large delegation from the UAE participating. In February, domestic investors and businesspeople attended the UAE global investment platform ‘Investopia.’

Efforts to promptly resolve difficulties faced by domestic companies were also notable. In March last year, the Global Business Center (GBC), a close support base for the globalization of SMEs, was opened in Dubai, and on April 29th, the Dubai Overseas Mission Small Business One-Team Council was newly established.

On the 29th of last month, the Korea-UAE SME and Venture Committee was created to enable more systematic cooperation between the two countries. The first policy consultation meeting is scheduled to be held within this year. The policy consultation will discuss institutional improvements to facilitate smooth entry of Korean companies into the UAE market.

Companies and organizations attending the meeting shared vivid experiences of settling in the local market and achieving results. They also requested strong support and attention.

Minister Oh Young-joo of the Ministry of SMEs and Startups said, “The UAE is the largest trading partner in the Middle East for SMEs and ventures,” and added, “We will strive to resolve the difficulties faced by companies entering the UAE market through the GBC and the Overseas Mission Small Business One-Team Council, and establish a system to discuss necessary institutional improvements through the policy consultation committee.”