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UAE Freezones Biz News Updates
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Countries abroad seek stronger SME ties with UAE
Foreign entrepreneurs looking to partner with local businesses
 Sultan Bin Saeed Al Mansouri after
presenting awards to Dr Ilse Trernicht (right), CEO of MaRS discovery
District, Toronto, Canada; Dr Vicky Sharpe (second from right), president
and CEO, SDTC, Ottawa, Canada; Hae-ryong Kwon (left), Ambassador of Korea to
the UAE, and Abdullah Al Darmaki (second from left), CEO of the Khalifa Fund
for Enterprise Development at the 4th UAE Conference on SMEs at The Raffles
Hotel in Dubai.
A number of countries around the world are now looking to establish closer
collaboration and share their best practices that will further develop the
small and medium-sized enterprises (SME) sector and promote innovation in
the UAE.
Representatives and entrepreneurs from Canada, Italy, Sweden and Republic of
Korea were in Dubai yesterday to attend the Fourth UAE Conference of SME and
Innovation, which was held in the presence of Minister of Economy Sultan
Saeed Al Mansoori.
Foreign delegates attending the forum said some businesses in their
respective markets are looking to partner with entrepreneurs in the UAE, and
they are also seeking to learn from the country’s achievements, particularly
in the area of attracting investments.
Al Mansoori expressed confidence that through the effective collaboration
with the different countries, and with the much-awaited implementation of
the Small and Medium Enterprises Law, which was recently approved by the
Cabinet and the Federal National Council, the SME sector will contribute
further to the country’s gross domestic product (GDP).
Businesses in the SME community, which are estimated to be around 230,000,
are considered a vital part of the UAE economy, having contributed about 60
per cent of the GDP. They also reportedly account for a huge chunk of the
UAE’s working population. The development of SMEs is part of the UAE’s move
to transition towards a knowledge-based economy.
“We’re looking forward to creating more partnerships with other countries
around the world,” said Mansoori during a press conference. “The reason why
we work very hard toward finalising this project (issuance of the SME law)
is that this sector needs to be organised in a way that will give it a much
better push towards hopefully participating more into the GDP of the UAE.
Currently, it’s around 60 per cent. We’d like to see it higher,” he added.
The law is seen as a significant move that will encourage more people to
join the private sector by establishing businesses of their own. One of the
significant provisions drafted into the law will require government
institutions to allot 10 per cent of their procurements to SMEs.
Mauro Marzocchi, secretary general of the Italian Chamber of Commerce in the
UAE, said a huge delegation of Italian entrepreneurs will be in the UAE next
month to tackle several areas they are interested in, such as oil and gas,
renewable energy, medical supply, hotel supply and the agro food industry.
The UAE is also expected to forge an agreement with Sweden regarding
enhanced cooperation in the fields of research and development, innovation
and SMEs. The two countries, which have set out similar targets for the
future, intend to share their experiences in knowledge transfer, policy
development and legislation.
“This will [establish] closer collaboration in areas where we are looking to
find long-term sustainable solutions for our societies, such as health care,
renewable energy issues, advanced higher education and waste management,”
said Max Bjuhr, ambassador of the Kingdom of Sweden to UAE.
The collaboration of the two countries, he added, will again be highlighted
next month when Swedish companies in the UAE, along with policymakers and
think tanks, will gather during a summit in Dubai to exchange views on the
regional business climate and the political developments in the region.
Vicky Sharpe, president and CEO of Sustainable Development Technology
Canada, said they brought with them yesterday a number of Canadian
entrepreneurs and companies who are looking for partners in the UAE.
The UAE, in turn, is looking to send a delegation of about 10 entrepreneurs
to Canada, to learn something from the MaRS Centre in Toronto, considered
one of the best innovation centres in the world.
September 23, 2013
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Courtesy Al Nisr Publishing LLC
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