□ Minister LEE Young, the Dubai government, and the private sector take part in the opening ceremony for the Dubai Global Business Center (GBC) that aims to strengthen cooperative partnerships... Current and past resident SMEs share their insights on the Middle East market and requests   □ The Dubai GBC will be the start of reforming the 20 Business Incubators (BI) located in 12 countries to provide more open shared space, offer specialised programs, and diversify local network instead of focusing on fostering

[Opening Ceremony for the Global Business Center (GBC) Held]
 
Minister LEE Young from the Ministry of SMEs and Startups hosted the opening ceremony for the Global Business Center (GBC) in Dubai to strengthen cooperative partnerships on Wednesday, March 8 (local time). The Dubai government and private sector were invited to the ceremony. At the ceremony, current and past resident SMEs shared their insights on the Middle East market and made requests.
 
There were approximately 20 participants in the ceremony, including Minister LEE Young; Vice President WOO Young-hwan, KOSME; Korean ambassador to the UAE, YOO Jeh Seung; Consul General of the Republic of Korea in Dubai, MOON Byung-jun; and other representatives from both governments and Korean companies in the Dubai market.
 
 

	<Overview of the Opening Ceremony for the Dubai Global Business Center (GBC) and Seminar>
◼ (Date/Location) Wednesday, March 8, 2023 (local time) 10:30 – 13:30 (180 minutes), GBC office in Dubai, UAE   ◼ (Major Content) ①(Opening Ceremony) Proclaiming the opening of GBC with distinguished guests, including Dubai public organisations, government agencies, representatives of Korean residents, financial institutions, investors, and other related organisations   ②(Seminar) Sharing the export situations of exporting BI current and past resident companies, and listening to their requests

 
[Business Incubator (BI) to be Reformed to Global Business Center (GBC)]
 
Starting with the Dubai GBC, 20 Business Incubators (BI) located in 12 countries will be reformed to provide more open shared space, offer specialised programs, and diversify the local network instead of focusing on fostering.
 
Rather than providing certain spaces to a select few resident companies in the GBC, the space will be open for all to provide a space for networking and cooperation. Also, by offering various local networks, it will be possible for CEOs to connect with each other.
 
Furthermore, the GBC will support companies to settle down in the country, including opening up corporate bank accounts and regionalising products and services. It will also expand connection with local networks, including recommending promising companies for potential VCs.
 
The Ministry of SMEs and Startups will also focus on providing support to enter the Middle East market, such as offering specialised programs to enter the UAE market, to lead the Second Middle East Boom with SMEs and startups as key players.
 
 
[Launch of the Global Business Support Group*]
 
After the ceremony, Minister LEE Young also took part in online consultations with the Global Business Support Group for 15 SMEs and startup companies in Korea that wish to enter the Middle East market.
 
KOSME and GBC will provide consultation services in the fields of market information, law, tax, accounting, and labor twice a month both online and offline for SMEs and startups that have just entered the foreign market.
 
* Expert consultation services in the fields of marketing, law, tax, accounting, and labor provided online and offline for companies that wish to enter the foreign market to settle down in the country
 
[Future Plans]
 
Minister LEE Young stated, “Starting with the Dubai Global Business Center, 20 Business Incubators (BI) located in 12 countries will be reformed to GBCs. These centers offer specialised programs and networking with expert organisations within the country instead of simply offering space. This will ensure that the GBC can play a critical role as a hub for Korean SMEs to enter the foreign market.”