Ministry of SMEs and Startups Forms TF to Strengthen UAE Cooperation ... Joint Fund and Export Expansion

Forming Public-Private TF to Operate Collaborative Projects
Supporting Korean Startups' Local Expansion
Lee Young: "Opportunity for Global Expansion"

Minister Lee Young of the Ministry of SMEs and Startups and Chairman Kim Joo-hyun of the Financial Services Commission are purchasing goods on the 11th at the Small and Medium Business Distribution Center in Yangcheon-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Kim Bo-kyung] The government has decided to promote the establishment of a joint fund for startup investments between South Korea and the United Arab Emirates (UAE). A public-private task force (TF) will be formed to expand export and technology exchanges between the two countries and to advance cooperative projects.

The Ministry of SMEs and Startups signed a memorandum of understanding (MOU) with the UAE Ministry of Economy on cooperation in the fields of small businesses and innovation during President Yoon Seok-yeol's visit to the UAE. On the 24th, the ministry announced that it will form a public-private cooperation TF to achieve tangible results and operate a working-level consultation channel with the UAE Ministry of Economy as part of follow-up measures.

Particularly, consideration was given to the fact that the UAE is promoting the "Entrepreneurial Nation 2.0 Project," which aims to nurture 8,000 SMEs and startups and 20 unicorns by 2030.

Regarding key follow-up measures, the Ministry of SMEs and Startups plans to immediately launch a public-private TF composed not only of the ministry and its affiliated organizations but also of private experts from academia and industry. This TF will serve as a contact point for cooperation projects with the UAE.

Since the UAE emphasizes cooperation areas such as bio, artificial intelligence, and eco-friendly energy, these fields are highly relevant to the ministry’s ongoing "Super-gap 1000+ Project."

Accordingly, among the Super-gap 1000+ companies to be selected in April and May, those wishing to enter the UAE market will be separately selected and invited to participate in a local market entry support program. The UAE Ministry of Economy operates support programs for foreign companies entering its market.

[Image source=Yonhap News]

Efforts will be made to encourage companies of various nationalities that have entered the UAE to participate in 'ComeUp,' a domestic startup festival, and to expand information sharing and networking locally in the UAE.

Discussions will be held on establishing a joint fund to support investment cooperation and exchanges between the two countries and to invest in outstanding startups. The plan is to leverage the UAE’s $30 billion investment plan to promote joint investments in startups between the two countries.

The Dubai Export Business Incubator (BI), established in 2006, will be reorganized into a Global Business Center (GBC) in the first half of this year to enhance its functions.

Additionally, the Ministry of SMEs and Startups and the UAE Ministry of Economy will jointly hold online and offline technology exchange consultations to connect UAE companies seeking technology with domestic SMEs and venture companies possessing innovative technologies.

Minister Lee Young of the Ministry of SMEs and Startups stated, "The UAE’s proactive startup promotion policies will provide global expansion opportunities for our startups." He added, "We will continue close cooperation with the UAE Ministry of Economy to ensure that startups and SMEs are at the center of the UAE’s $30 billion investment."

Meanwhile, the Ministry of SMEs and Startups also signed a business agreement with DMI, the official media company of the Dubai government, to expand cooperation with content and consumer goods SMEs. As a follow-up, a trade delegation of about 50 companies, including those in the beauty, medical device, and content sectors, will be dispatched in June.

This content was produced with the assistance of AI translation services.