SMEs Ministry boosts partnerships with UAE on startups

South Korea’s Ministry of SMEs and Startups said Monday it has forged a partnership with the United Arab Emirates to boost cooperation in nurturing startups.

The ministry signed a memorandum of understanding with the UAE’s Ministry of Economy to step up as a major partner country for Dubai’s Entrepreneurial Nation 2.0 project.

The state-led project aims to nurture 8,000 small and medium-sized firms and 20 unicorns that is worth more than 1 trillion won ($810 million) in corporate value there by 2030. It includes programs which support startups based on public-private partnerships and foreign companies looking to start business in the UAE.

“Since we are well-experienced in nurturing startups and implementing policies, we will become the best partner for the UAE,” said SMEs and Startups Minister Lee Young in a statement. “Based on the partnership, the ministry will support South Korean SMEs and startups to make forays into the Middle East region, a land that is seeking for future drivers of growth with abundant financial resources.”

The ministry also signed another memorandum with Dubai Media Incorporated, the official media organization of the Emirati government, to work on marketing methods for Korean companies seeking to target the UAE market. By the first half of this year, the ministry plans to open a consulting service for them with DMI.

The ministry also had talks with Korean companies via the Dubai Export Business Incubator, a program run by the ministry, to consider expanding further support for their businesses in the Middle Eastern country.