UAE, Sweden Sign MoU On Innovation For SMEs, Startups

An agreement signed by the UAE and Sweden for startups, innovation and entrepreneurship cooperation will take the two countries' partnerships to a higher level, Sultan bin Saeed Al Mansouri, Minister of Economy.

The MoU was signed by the Ministry of Economy and Swedish Ministry of Enterprise and Innovation during a visit by Al Mansouri and a top-level delegation to the Swedish capital.

Al Mansouri said the UAE has a unique and dynamic SME and entrepreneurship ecosystem, which is globally competitive and will continue to grow rapidly in the coming years.

The minister added that the two countries have over the past period signed a number of significant agreements to streamline knowledge transfer and exchange of expertise.

The non-oil trade exchange between the two countries amounted to US$940 million by the end of 2018 and is projected to exceed $1 billion by the end of 2019, the minister added.

The Swedish Minister for Enterprise and Innovation, Ibrahim Baylan, during his meeting with Al Mansouri underlined the importance his country is attaching to growing its trade relations with the UAE at the government and private sector levels.