Kuwait's National Fund for Small and Medium Enterprises (SMEs) and South Korea's small and medium business administration signed here on Sunday a memorandum of understanding (MoU) to promote cooperation in this regard.
The MoU was inked by Executive Chairman and Secretary General of the National Fund for SMEs Dr. Mohammad Al?¬Zuhair and Korean deputy minister of commerce, industry and energy.
Following the signing ceremony, Al-Zuhair stated in a press statement that cooperation with the Korean side will cover several fields, including sharing information of all sectors of SMEs in the two countries.
The MoU also includes information pertaining to legislations and regulations. As well as incentives and policies supported by governmental and semi-governmental institutions, he added.
He lauded the experience of South Korea over 40 years in the field of SMEs, stressing that bilateral cooperation will develop the concept of business and innovation of emerging companies.
Kuwaiti entrepreneurs will benefit greatly from the Korean experience, especially in the areas of technology and industry, he said, noting that the memo will contribute to sharing expertise and research studies through hosting seminars and conferences between the two sides.
The memo also will lead to facilitating opportunities of small and medium sized firms in the two countries for further cooperation, he made clear