The Ministry of Small and Medium Enterprises (SMEs) and Startups is actively working towards establishing a consultative body in collaboration with the Ministry Economy of the United Arab Emirates.

On March 3, the Ministry of Small and Medium Enterprises (SMEs) and Startups disclosed its discussions regarding the creation of a ministerial-level consultative body with the UAE Ministry of Economy. These discussions took place during their participation in the Investopia global investment event held in Abu Dhabi, UAE, from February 28 to 29 (local time).

Investopia, launched in 2021, serves as a global investment platform targeting companies and investors across the UAE's 12 major innovation sectors, including education, renewable energy, supply chain, transportation, logistics, water supply, healthcare, space, agriculture, genomics, fintech, entertainment, and media.

At Investopia, the Korea Institute of Startup & Entrepreneurship Development and the Dubai Multi Commodities Centre (DMCC) inked a Memorandum of Understanding (MOU) aimed at fostering the exchange of innovative startups between Korea and the UAE. Similarly, the Korea Venture Investment Corporation and the Dubai Future District Fund (DFDF) signed an MOU to enhance collaboration in the venture investment sector.

Under these agreements, KISED and DMCC will collaborate on supporting mutual entry into each other's startup ecosystems, expanding participation in international entrepreneurial events in both nations, and facilitating the establishment of corporations and joint ventures backed by KISED within the DMCC regulatory special zone. Likewise, Korea Venture Investment and DFDF will work together to share expertise and insights on nurturing venture investment and startup companies, promote the growth and globalization of startups in both countries, and utilize invitations to venture investment events and networks for cooperation.

The Ministry of SMEs and Startups also expressed its commitment to pursuing 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 UAE's Minister of Economy.

Lee Dae-hee, Director-General of SME Policy at the Ministry of SMEs and Startups, emphasized, "Following the summit diplomacy between Korea and the UAE, both governments are collaborating 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 continue to expand further, leading to a second Middle East boom, sparked by our attendance at Investopia."

Separately, apart from Investopia, the MSS conducted export consultation meetings in Riyadh, Saudi Arabia, and Dubai, UAE, on February 27 and 29, respectively. Nineteen Korean SMEs participated in the meetings, resulting in the signing of five export contracts worth a total of US$1.45 million and six MOUs. Particularly noteworthy, in Dubai, aside from the 61 pre-matched buyers, a significant number of additional buyers visited the venue.

An official from the Ministry of SMEs and Startups remarked, "The business consultations exceeded the scheduled time, confirming the keen interest in Korean companies in the Middle East region."