The Ministry of SMEs and Startups announced on March 3 that it discussed the establishment of a ministerial-level consultative body with the UAE Ministry of Economy during its attendance at the Investopia global investment event held in Abu Dhabi, UAE, from Feb. 28 to 29 (local time).
Investopia is a global investment platform launched in 2021. It targets companies and investors in the UAE’s 12 major innovation sectors including education, renewable energy, supply chain, transportation, logistics, water supply, healthcare, space, agriculture, genomics, fintech, and entertainment and media.
At Investopia, the Korea Institute of Startup & Entrepreneurship Development and the Dubai Multi Commodities Centre (DMCC) signed a Memorandum of Understanding (MOU) on the exchange of innovative startups between Korea and the UAE. Furthermore, Korea Venture Investment Corporation and the Dubai Future District Fund (DFDF) signed an MOU on cooperation in the venture investment sector.
Under the agreement, KISED and DMCC will cooperate on supporting mutual entry into each other’s startup ecosystems, expanding participation in international entrepreneurial events in both countries, and facilitating the establishment of corporations and joint ventures supported by KISED within the DMCC regulatory special zone.
Korea Venture Investment and DFDF will collaborate on sharing expertise and insights on nurturing venture investment and startup companies, promoting the growth and globalization of startups in both countries, and utilizing invitations to venture investment events and networks for cooperation.
The Ministry of SMEs and Startups also agreed to pursue the establishment of a ministerial-level consultative body for cooperation on small and medium-sized venture company policies with Abdulah Bin Touq Al Marri, the minister of economy of the UAE.
Lee Dae-hee, the director-general of SME Policy at the Ministry of SMEs and Startups, stated, “Following the summit diplomacy between Korea and the UAE, both governments are joining forces to expand exchanges and cooperation among small and medium-sized ventures. We will support the MSS to ensure that the exchanges between the two countries expand further, leading to a second Middle East boom, triggered by our attendance at Investopia.”
Separately from Investopia, the MSS conducted export consultation meetings in Riyadh, Saudi Arabia, and Dubai, UAE, on Feb. 27 and 29, respectively. Nineteen Korean SMEs participated in the meetings, signing five export contracts worth a total of US$1.45 million and six MOUs. Notably, in Dubai, in addition to the 61 pre-matched buyers, a significant number of additional buyers visited the venue.
An official from the Ministry of SMEs and Startups said, “The business consultations exceeded the scheduled time, confirming the keen interest in Korean companies in the Middle East region.”