To encourage entrepreneurship and support the expansion of small and medium-sized businesses in the two nations, the UAE and South Korea have undertaken discussions.At the K-Business Day in Middle East 2023, which took place at the Dubai World Trade Centre, representatives from the two nations met. Entrepreneurs, start-up owners, investors, business incubators, and accelerators from the UAE and Korea attended.
A consortium of investment organisations and business incubators from the United Arab Emirates and South Korea, including the Korea Federation of SMEs, the Korea Institute of Startup and Entrepreneurship Development, and the Korea Technology and Information Promotion, hosted the two-day event.According to Abdullah bin Touq, UAE Minister of Economy, the UAE would be South Korea's second-largest trading partner in the GCC and the Arab world as of 2022.
In the first two months of 2023, non-oil international commerce between the UAE and South Korea reached Dh3.4 billion ($917 million), an increase of 9% from the same period in the previous year, he noted. UAE exports to South Korean markets increased by approximately 35% between January and February of this year, reaching Dh627 million.
The entire value of non-oil trade exchanges in 2017 was Dh19.5 billion, an increase of 14% from the previous year. The UAE and South Korea reached an agreement at the meeting on new plans for cooperation in the area of entrepreneurship, including programmes and facilities to support start-up growth, increase investments, and facilitate exports to new markets.
In order to increase their contribution to the growth of the gross domestic product, SMEs and entrepreneurs should be incentivized and encouraged to invest in the growing sectors of the economy, according to Mr. bin Touq and Lee Young, South Korea's Minister of SMEs and Start-ups.
“The meeting marks a significant milestone in fostering greater opportunities for SMEs in both countries' markets,” Mr bin Touq said.