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Ministry of SMEs and Startups Launches Task Force to Promote Cooperation with UAE.

Photo by David Rodrigo / Unsplash

South Korea’s Ministry of SMEs and Startups revealed its plan to launch a public-private task force to promote cooperation projects with the United Arab Emirates (UAE) following President Yoon Seok-yeol’s state visit.

The task force will focus on helping South Korean startups enter the UAE, strengthening cooperation on venture investment, and expanding export and technology exchanges.

The UAE has been actively promoting its startup ecosystem under the Entrepreneurial Nation 2.0 initiative, which aims to foster 8,000 SMEs and startups and retain 20 unicorn companies by 2030.

The task force will comprise private experts on the Middle East and related areas and Ministry officials responsible for SMEs and startups.

The Ministry of SMEs and Startups plans to work with the UAE Ministry of Economy to select companies that wish to enter the UAE and apply for appropriate local programs to assist these companies in entering the UAE.

In addition, the Ministry of SMEs and Startups plans to actively support Korean super-gap startups to become investment destinations in the UAE in conjunction with the UAE Trade Mission in 2023.

The ministry also plans to work with the Embassy of the Republic of Korea in the UAE to expand local information sharing and promote networking events through the Entrepreneurial Nation 2.0 platform.

It also plans to encourage companies of different nationalities that have come to the UAE to participate in COMEUP, the largest startup festival in Korea.

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