UAE Delegation Promotes SMEs and Entrepreneurship at ComeUp 2024 in Korea

A delegation from the United Arab Emirates (UAE), led by Minister of State for Entrepreneurship Alia bint Abdullah Al Mazrouei, recently attended the ComeUp startup festival in Seoul, Korea. The UAE's participation aimed to strengthen cooperation with Korea in entrepreneurship, SMEs, advanced technology, and innovation sectors, while promoting opportunities for UAE-based companies in foreign markets.

The UAE pavilion, organized by the Ministry of Economy, featured 28 small and medium-sized enterprises (SMEs) showcasing their products and services that leverage cutting-edge technological solutions and artificial intelligence. This strategic move was designed to attract investments and facilitate business growth for UAE companies on an international stage.

Minister Al Mazrouei emphasized the significance of this participation, stating that it represents a crucial step in bolstering economic relations between the UAE and Korea in the field of entrepreneurship. She highlighted that SMEs constitute 94% of companies operating in UAE markets and contribute 63.5% to the country's non-oil GDP, underscoring their importance to the national economy.

The UAE's presence at ComeUp 2024 aligns with its National Agenda for Entrepreneurship and SMEs, which aims to establish the UAE as a leading entrepreneurial nation by 2031. The initiative seeks to increase the success rate of entrepreneurs from 30% to 50% within this timeframe, reflecting the country's commitment to fostering a robust startup ecosystem.

During the event, the UAE delegation participated in a dedicated session titled "The UAE: Your First Gateway to Business and Investment," showcasing the country's dynamic entrepreneurial environment. Additionally, several memoranda of understanding (MoUs) were signed, including agreements between UAE's Digitalstores and Shukran Korea, and between Remal IoT and Sungjin Techwin, further solidifying UAE-Korea business ties.

This strategic engagement at ComeUp 2024 demonstrates the UAE's proactive approach to economic diversification and its efforts to position itself as a global hub for innovation and entrepreneurship. By facilitating international exposure for its SMEs and fostering cross-border partnerships, the UAE is actively working towards creating a more resilient and diversified economy, less dependent on oil revenues.