ABU DHABI, 30th June, 2022 (WAM) -- The UAE, represented by the Ministry of Economy's National Programme for Small and Medium-Sized Enterprises (SME), signed, with South Korea, represented by the Korea Knowledge Sharing Programme of the Korea Development Institute, a joint cooperation programme to support entrepreneurs and SMEs.

The programme comprises 11 federal and local authorities concerned with entrepreneurship and SMEs in the country, including the Ministry of Finance, the Central Bank of the UAE, the Khalifa Fund for Enterprise Development, and the Mohammed bin Rashid Establishment for SME Development, as well as the Korea Development Institute, the Korea Institute of Government Procurement, Hanyang University, and several other Korean institutions.

During the 11-month programme, the two sides will discuss their cooperation in entrepreneurship and SME development, and its participants will analyse the business environment in the two countries in terms of policies, incentives, development frameworks and means of financing.

Abdullah Al Saleh, Under-Secretary of the Ministry of Economy, said the UAE is keen to enhance the competitiveness of the business environment and support entrepreneurship, being one of the foundations of the country's new economic model and a key driver of income diversification.

He added that the cooperation with the South Korean side is a new milestone aimed at exploring the best global practices in the field of entrepreneurship, as well as an opportunity to support SMEs in the country.

The UAE is one of the leading countries in the field of entrepreneurship and is ranked first in this area, according to the Global Entrepreneurship Monitor (GEMS) in 2021.

At the same time, South Korea is a global model of supporting SMEs, and the launch of the programme to promote the joint visions and strategies of the two countries in entrepreneurship and exchange the best-related practices.

The Ministry of Economy recently signed a Memorandum of Understanding (MoU) with the Korea Federation of SMEs in April 2022 to promote cooperation between the two countries in relevant areas.

The ministry also announced the new national programme's identity, through which Emirati entrepreneurs and SMEs can explore a series of related initiatives and comprehensive services.

For more information on these initiatives, you can visit the following link: https://ddei5-0-ctp.trendmicro.com:443/wis/clicktime/v1/query?url=https%3a%2f%2fwww.uaesme.ae%2far&