Sultan Bin Saeed Al Mansoori, UAE Minister of Economy, told a visiting South Korean delegation that the Ministry is working on clearly defining small and medium enterprises (SMEs) as part of streamlining this sector, which is a major contributor to the national economy.
The visit of the delegation comes in line with the ongoing efforts of South Korea to strengthen relations and cooperation with the UAE on all levels as it represents a strategic gateway to the Middle East and other regional markets.
The Minister also mentioned that the Korean delegation's visit reflects the progress made during the 2nd Joint Economic Committee between UAE and Korea, held recently in line with the directives of the leadership on prioritising SME development.
The Korean delegation will hold meetings with a number of federal and local government institutions including the Central bank, Economic Development Departments and Chambers of Commerce and local government SME institutions, in order to assess the exact nature of the SMEs in the country before offering effective suggestions and plans for sector development.
Al Mansoori said his Ministry is leading the co-ordination efforts with all partners and stakeholders in the SME sector to arrive at a common definition for the sector in accordance with international best practices. . His Excellency reiterated that this step falls within an integrated national plan led by the Ministry to stimulate the national economy through the development of SMEs in the UAE.
Al Mansoori also stressed that the Ministry is keen to provide all support to the UAE nationals to involve them in the SME sector and encourage them to become part of the sector development plan. The Ministry has signed an MoU with Tanmia to provide sufficient training to the national cadres to lead this promising sector.
