The United Arab Emirates (UAE) made a significant impact at the ComeUp 2024 startup festival in Seoul, Korea, showcasing its dedication to entrepreneurship, small and medium-sized enterprises (SMEs), and advanced technology. Led by Her Excellency Alia bint Abdullah Al Mazrouei, UAE Minister of State for Entrepreneurship, the delegation highlighted the UAE's vibrant entrepreneurial ecosystem and its strategic efforts to enhance economic relations with Korea.
At the event, the UAE pavilion, organized by the Ministry of Economy, featured 28 SMEs presenting innovative products and services powered by cutting-edge technology and artificial intelligence. This initiative not only aimed to attract investments but also to facilitate business growth for these companies, reflecting the UAE's broader economic diversification goals.
Her Excellency Alia Al Mazrouei emphasized the critical role of SMEs in the UAE's economy, noting they represent 94% of companies and contribute 63.5% to the non-oil GDP. She also introduced the UAE's new entrepreneurship system, designed to increase entrepreneur success rates from 30% to 50% by 2031, in line with the National Agenda for Entrepreneurship and SMEs.
The forum included a session titled 'The UAE: Your First Gateway to Business and Investment,' where UAE entrepreneurs showcased their projects to potential investors. Additionally, two Memorandums of Understanding (MoUs) were signed, marking a step forward in UAE-Korea business collaboration. One MoU between UAE's Digitalstores and Shukran Korea focuses on expanding Korean companies into the UAE, while another between Remal IoT and Sungjin Techwin merges the two under the name Remal.
This participation at ComeUp 2024 highlights the UAE's strategy to support SMEs and entrepreneurs by providing access to foreign markets and attracting investments. Such efforts are pivotal in advancing the UAE's non-oil economy and establishing it as a global innovation and entrepreneurship hub. The collaboration between the UAE and Korea is expected to foster mutual benefits, driving technological advancements and economic growth in both nations.
