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UAE seeks to streamline SME sector

Sultan bin Saeed Al Mansoori, UAE minister of economy, informed this to a visiting South Korean delegation.

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.

Mansoori also mentioned that the Korean delegation’s visit reflects the progress made during the second Joint Economic Committee between the UAE and South Korea, held recently in line with the directives of the leadership on prioritising SME development.

The South 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 the development of the sector.

The UAE minister said that 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. He 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. He 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 development plan for the sector. The ministry has signed a memorandum of understanding with Tanmia to provide sufficient training to the national cadres to lead this promising sector. —