Abu Dhabi Chamber, Korea Federation of SMEs sign agreement to promote investment opportunities

Abu Dhabi Chamber, Korea Federation of SMEs sign agreement to promote investment opportunities

ABU DHABI, 22nd April, 2022 (WAM) -- The Abu Dhabi Chamber of Commerce and Industry and the Korea Federation of Small and Medium Business (KBIZ) have signed a cooperation agreement to strengthen economic and trading relationships between their respective members.

Signed in Abu Dhabi, the cooperation agreement stipulates that both parties shall support the business environment as a global system for positive partnerships and the transfer of technology, expertise, best practices, and mutual investment.

According to the agreement, both parties shall assist each other in arranging visits and creating active channels of communication as well as virtual seminars instrumental in enhancing and streamlining relations; providing market research in the UAE and Korea; and organising economic and trade seminars, business talks and other necessary business activities.

The agreement signing came during a meeting attended by Dr. Ali Saeed bin Harmal Al Dhaheri, First Vice Chairman of the Abu Dhabi Chamber; Khalid Al Fahim, Board Member of the Abu Dhabi Chamber; Mohamed Helal Al Mheiri, Director General of the Chamber, and both his deputies Abdullah Ghurair Al Qubaisi and Helal Mohamed Al Hameli; Ki-Mun Kim, Chairman of KBIZ, among other several members of the federation.

Al Dhaheri said that the agreement is key to fostering economic and trading relationships between the two sides members and promoting the investments of SMEs in the UAE and South Korea alike.

He added that the UAE and South Korea share economic relations that span for over four decades and that over the past 40 years, the ties between the countries have significantly advanced, reaching the levels of a robust strategic partnership.

"Today, the UAE is the second leading oil exporter to South Korea and the second leading importer of South Korean products in the Middle East. Our total non-oil trade stood at around AED17.8 billion in 2020. Both countries have also adopted similar development ambitions to create a knowledge-based economy and invest in human resources," he explained.

Al Dhaheri emphasised that the UAE's leadership is keen on extending the necessary support to the SME sector, considering it is an indispensable driver for developing an attractive and prosperous environment for business entrepreneurship, especially after the impact of the COVID-19 pandemic on this sector.

"According to the UAE Ministry of Economy, the SMEs sector represents more than 94 percent of the total number of companies operating in the country and provide jobs for more than 86 percent of the private sector's workforce," he noted.

Dr. Al Dhaheri added that one of the strategies of Abu Dhabi Vision is to open new doors for creativity and unleash the untapped potentials of startups and SMEs, as they are key engines of the national economy and amongst the most important strategic drivers to support productive sectors.

The agreement will facilitate the transfer of knowledge, taking into account the huge capabilities of both countries, especially in areas of creativity and innovation, SME development, healthcare, education, and medicine.

The Chairman of KBIZ said that the MoU will facilitate joint businesses between the two sides, especially in supporting and developing entrepreneurship while promoting partnerships between SMEs in Abu Dhabi and Korea.

He pointed out that the SMEs sector represents around 99 percent of the total number of businesses operating in South Korea.