Sultan bin Saeed Al Mansoori, UAE Minister of Economy has urged UAE companies to benefit from the Korean experience in the SMEs and to seize from the advanced economic relations that UAE built with South Korea.
He also assured Ministry's progress in developing the performance of SME sector through building strategic cooperation with best experienced countries in the world such as Korea, Italy and Germany and others. He said during the ceremony of signing a memorandum of understanding with Kim, Dong-sun Administrator of Small and Medium Business Administration of South Korea.
The MoU will facilitate and promote bilateral cooperation in SMEs at both countries through encouraging semi-governmental institutions and the private sectors in both countries to cooperate in joint venture projects for SMEs, including, commercial, industrial and financial areas.
Mr Al Mansoori said this step comes in line with Ministry's keenness to adopt best international practices and latest technologies needed to develop the performance of SMEs sector that is considered a strategic gateway to the knowledge economy. "The MoU includes exchange of information on SME sector including legislations, bi-laws, policies, programs and government sponsored incentives from government and semi-government entities".
Mr Kim, Dong-sun praised the efforts of the Ministry of Economy in developing SMEs through establishing an effective law to improve the performance of this promising sector and by adopting best international practices. The delegation has praised the advanced level reached by the UAE in the field of small and medium enterprises.
He also stressed the importance of the federal government's strategy in supporting SMEs as a key contributor to the national economy and to the economic competiveness of the UAE in the world map.
Within the MoU both countries will enhance technical cooperation in the domains of business start-up, SME definition, training seminars for UAE side related to SME on governmental policies and services.
The cooperation will also eliminate economic obstacles facing SMEs in both countries to promote bilateral trade and forming an exchange program for young entrepreneurs, in order to enhance their expertise and cooperation with each other in addition to enhance transfer of technology and know-how as follows.
It also includes encouraging private sector in both countries to explore investment opportunities in the areas of transfer of technology and know-how in addition to establishing a mechanism to benefit Korean and UAE SME from existing business opportunities in both countries.
Recently a Korean delegation has briefed HE Al Mansouri on the key recommendations proposed on the Unified definition of small and medium enterprises in the UAE. It has been tailored to be convenient with the economic characteristics of each emirate, in order to ensure the effectiveness of the definition on SME performance in the UAE.
HE Al Mansouri has stressed UAE's commitment to build a strategic and productive relationship with South Korea, praising the efforts of the Korean delegation with regard to the study on the SME sector which will highly contribute to the performance of this vital sector.
