H.E. Abdullah bin Touq Al Marri, UAE Minister of Economic system, held a bilateral assembly with H.E. Lee Younger, South Korean Minister of SMEs and Startups, to discover the strengthening of cooperation in selling entrepreneurship and supporting the expansion of small and medium enterprises within the two international locations’ markets. The assembly came about as a part of the Ok-Enterprise Day in Center East 2023, which was held at Dubai World Commerce Heart on June 12 and 13. It was attended by entrepreneurs, startup homeowners, buyers, and enterprise incubators and accelerators from each international locations.
The assembly was attended by Shakir Zainal, Chief Enterprise Officer at Emirates Growth Financial institution; Iman Ben Chaibah, Head of Neighborhood Engagement at Sharjah Entrepreneurship Heart ‘Sheraa’; Ahmed Alwan, Deputy Chief Govt Officer of Hub71; Reem Abdullah, Director of Authorities and Strategic Affairs at Hub71; and Sheikh Dr. Majid Al Qassimi, Founding Companion at Soma Mater.
H.E. Bin Touq emphasised the robust, strategic relations ties between the UAE and the Republic of Korea, which proceed to develop on the financial, commerce and funding fronts, because of the shared aspirations of each leaderships to develop them and the frequent change of visits by high-level delegations.
H.E. added: “The UAE is Korea’s second largest commerce accomplice within the GCC and the Arab areas as of 2022. The UAE-Korean non-oil overseas commerce totaled AED 3.4 billion (USD 917 million) within the first two months of 2023, up 9 per cent from the earlier yr. In 2022, the amount of our non-oil commerce exchanges totaled AED 19.5 billion, reflecting a 14 per cent year-on-year enhance.”
Development of UAE investments and exports within the Korean market
The Minister of Economic system stated: “The UAE exports to Korean markets proceed to develop, attaining a notable 35 per cent development to achieve AED 627 million (USD 174 million) over January and February 2023. It exceeded AED 2.8 billion (USD 781 million) in 2022, up 17.5 per cent.|
When it comes to bilateral investments between the 2 international locations, H.E. Bin Touq expressed confidence within the growing momentum of UAE investments throughout varied financial and industrial sectors within the Korean markets. The UAE had just lately introduced its intention to speculate roughly AED 110 billion (USD 30 billion) in South Korea over the subsequent few years. Presently, the UAE’s investments in Korea are concentrated in a number of key sectors reminiscent of business, commerce, delivery, communications, actual property, and commerce. In the meantime, South Korean FDI within the UAE reached roughly AED 8.1 billion (USD 2.2 billion) as of early 2021, marking a exceptional development of 73 per cent because the starting of 2013. These investments primarily give attention to the monetary, insurance coverage, mining, retail, actual property, transportation, power, and expertise sectors.
New methods to foster startup development in UAE and South Korea
The assembly noticed the UAE and Korea agree on new plans within the area of entrepreneurship, together with packages and services to foster startup development, improve investments, and facilitate exports to new markets. The 2 minister additionally mentioned incentivizing and inspiring SME homeowners and entrepreneurs to put money into the rising sectors of the economic system to reinforce their contribution to GDP development.
H.E. Bin Touq underlined the paramount significance of fostering an entrepreneurial ecosystem and driving SME development as a key focus of the UAE’s ‘Initiatives of the 50.’ Via collaborative efforts with authorities and personal sector entities at native, regional, and worldwide ranges, the Ministry of Economic system is dedicated to enhancing enablers and facilitating alternatives that drive the expansion and scaling of startup enterprises, enabling them to develop each regionally and globally. This strategic imaginative and prescient goals to solidify the UAE’s place as a number one world vacation spot for aspiring entrepreneurs and SME homeowners, he famous.
UAE’s SME panorama
The UAE’s SME sector performs a pivotal position in driving nationwide financial development and making certain its sustainability. In 2020, SMEs contributed roughly 63 per cent to the nation’s GDP, exceeding AED 734 billion (USD 200 billion). SMEs make up 94 per cent of the full non-public sector corporations working within the UAE, with a staggering 557,000 corporations. In keeping with its imaginative and prescient for the longer term, the Ministry goals to extend this quantity to 1 million by 2030. Furthermore, SMEs account for 86 per cent of personal sector employment, which underscore their significance and memorable contribution to employment creation throughout varied financial and industrial sectors.
Change of experiences in fields of enterprise capital & fashionable applied sciences
H.E. continued: “The assembly marks a major milestone in fostering higher alternatives for SMEs in each international locations’ markets. It serves as a platform to facilitate the change of experiences and information between the UAE and Korea, notably in areas reminiscent of enterprise capital financing, fashionable applied sciences, and revolutionary digital options. Notably, the UAE serves as an important gateway for Korean startups searching for growth into new markets, notably within the Center East and North Africa area.”
The assembly explored the means to reinforce cooperation in rising financial sectors, with a selected give attention to expertise, synthetic intelligence, good agriculture, and well being. H.E. Bin Touq took the chance to acquaint the Korean facet with the benefits and capabilities provided by the assorted initiatives and packages beneath the “The Entrepreneurial Nation” mission, which has been designed to assist and empower entrepreneurs and startups within the UAE.
Korea prolonged a particular invitation to the UAE to take part in “2023 COMEUP,” the biggest entrepreneurship and startups occasion within the nation. Scheduled to happen from eighth to tenth November 2023, the occasion anticipates the attendance of greater than 60,000 guests and boasts a lineup of 100 influential audio system.
The “Ok-Enterprise Day in Center East 2023” witnessed an intensive turnout of entrepreneurs, startup homeowners, buyers, and enterprise incubators and accelerators. The occasion was organized by a gaggle of funding establishments and enterprise incubators within the UAE and Korea, together with, Korea Federation of SMEs, Korea Institute of Startup & Entrepreneurship Growth, Korea SMEs and Startups Company, Korea Expertise and Data Promotion, INNOBIZ Innovation Affiliation, Korea Medical Gadget Affiliation (KMDA), The Entrepreneurial Nation, UAE.
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