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MSS of Korea Spearheads SME and Venture Growth at Investopia in UAE

2024-03-04 2 min read


MSS of Korea Spearheads SME and Venture Growth at Investopia in UAE

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Lee Dae-hee, the Director of the Small and Medium Business Policy Office at South Korea’s Ministry of SMEs and Startups (MSS), together with a group of Korean entrepreneurs, participated in the global investment event Investopia held in Abu Dhabi, UAE, from the 28th to the 29th of last month. Discussions during the event focused on establishing a ministerial-level consultation body for economic and SME venture sectors to enhance cooperation between the two countries in these areas.

Investopia, launched in 2021, serves as a global investment platform that annually convenes investors, innovative enterprises, and government officials. The aim is to foster connections and facilitate expansion into the UAE’s twelve key innovation sectors.

The MSS’s attendance at Investopia marks a follow-up to the SME cooperation memorandum of understanding signed in January 2023, witnessed by the leaders of both nations. The groundwork for this cooperation was laid during the MSS’s visit to the UAE in June of last year and further solidified with UAE Economy Minister Almari’s participation in the ComeUp event in November, culminating in meetings between the ministers.

During Investopia, on the 28th (local time), with Korean Ambassador to the UAE Ryu Je-seung and officials from both governments in attendance, two memorandums of understanding were signed. These agreements aim to boost exchanges of innovative startups and venture investment cooperation between South Korea and the UAE. Additionally, a successful networking session titled “Cross-Border Collaboration: Bridging Korea-UAE Collaboration for Future Economy” was co-hosted by the MSS and the UAE Ministry of Economy, promoting interaction between the UAE’s ‘Future100’ companies, Korean SMEs, and investors.

On the 28th, Director Lee Dae-hee met with UAE Economy Minister Almari to propose the creation of a ministerial-level consultation body dedicated to SME and venture sector cooperation between the two nations, agreeing to engage in practical discussions with the Ministry of Economy.

In addition, export consultation sessions held in Riyadh, Saudi Arabia, and Dubai, UAE, on the 27th and 29th, attracted 19 Korean SMEs. These companies engaged with an average of 15 buyers each, resulting in the signing of five export contracts totaling $1.45 million and six memorandums of understanding.

Especially in Dubai, beyond the 61 pre-matched buyers, a substantial number of additional buyers visited the venue, leading to extended business consultations. This enthusiastic participation underscored the Middle East’s strong interest in Korean enterprises.

Director Lee Dae-hee emphasized, “Following high-level diplomatic engagements, both governments are actively working to broaden SME and venture exchanges and cooperation between South Korea and the UAE.” He further noted, “This participation in Investopia and deeper immersion into the UAE’s SME venture ecosystem will serve as a springboard for expanding bilateral exchanges, paving the way for a second Middle East boom, supported by the Ministry.”

[Korea-Middle East News]

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