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UAE & South Korea Sign Partnership to Empower SMEs

The two parties have signed an MoU that paves the way for the exchange of information and research, while paving the way for easy cross-market expansion.

As part of a concerted effort to place UAE as a global hub of entrepreneurship and tech, the UAE’s Ministry of Economy has announced a new partnership with the Korea Federation of SMEs that aims to develop entrepreneurship and strengthen partnerships between SMEs in both nations.

Under the agreement of a memorandum of understanding,both partie will look to conceive and develop partnership programmes that aim to allow for easy and effective entry for SMEs between the two countries.

On the part of the UAE, the agreement builds on the empowerment of the SME sector as a key pillar for the country’s ne economic model and the 'Projects of the 50', a series of developmental and economic projects that aim to accelerate the UAE’s development as a hub and hotspot for for talent and investors.

"The signing of the MoU will help us strengthen the role of entrepreneurs and SMEs in the two countries in economic cooperation and facilitate the development of partnerships, especially in health technology and smart agriculture,” said Abdullah Al Saleh, Under-Secretary of UAE’s Ministry of Economy. “It will also drive the growth of trade exchanges and stimulate the flow of quality investments in innovation, research and development."

The partnership will also pave the way for knowledge exchange in the development of programmes, policies and legislation in and around the entrepreneurship space, while also opening paths for supply and trade between SMEs.In addition, a new platform to enable investment opportunities will be established, one that will also look to enable the exchange of market research, mutual participation in international events infrastructure support.

For South Korea, the partnership will serve to aid SMEs, which account for an incredible 99% of all companies - a figure that beats UAE’s own impressive 98.5% that account for companies in its private sector.