The United Arab Emirates (UAE) made a significant impact at the ComeUp startup festival in Seoul, Korea, in December 2024, showcasing its dedication to enhancing entrepreneurial and technological collaborations with Korea. Led by Her Excellency Alia bint Abdullah Al Mazrouei, UAE Minister of State for Entrepreneurship, the delegation emphasized the importance of SMEs in the UAE's economy, which account for 94% of companies and contribute 63.5% to the non-oil GDP.
At the event, the UAE pavilion, organized by the Ministry of Economy, featured 28 SMEs presenting innovative products and services powered by advanced technology and artificial intelligence. This initiative was aimed at attracting investments and promoting business growth, reflecting the UAE's strategic focus on innovation and entrepreneurship as key drivers of economic diversification.
Her Excellency Alia Al Mazrouei highlighted the UAE's new entrepreneurship system, designed to increase the success rate of entrepreneurs from 30% to 50% by 2031. This ambitious goal is part of the National Agenda for Entrepreneurship and SMEs, which seeks to position the UAE as a global leader in entrepreneurship. A session titled 'The UAE: Your First Gateway to Business and Investment' further explored the vibrant opportunities within the UAE's entrepreneurial ecosystem, attracting significant interest from investors and venture capitalists.
The festival also marked the signing of two Memorandums of Understanding (MoUs), signaling stronger UAE-Korea business ties. The first MoU between UAE's Digitalstores and Shukran Korea aims to facilitate Korean companies' expansion into the UAE, particularly in storage and delivery services. The second MoU, involving Remal IoT and Sungjin Techwin, will see the merger of the two companies under the name Remal, showcasing the potential for collaborative innovation between the two nations.
This participation in ComeUp 2024 underscores the UAE's strategic efforts to support SMEs and entrepreneurs by providing them access to international markets and investment opportunities. By fostering such collaborations, the UAE not only aims to enhance its non-oil economy but also to establish itself as a leading hub for innovation and entrepreneurship on the global stage. The partnership between the UAE and Korea in the startup ecosystem is poised to unlock new technological and economic advancements, benefiting both countries in their pursuit of sustainable growth and innovation.
