UAE Delegation Promotes SMEs and Entrepreneurship at ComeUp 2024 in Korea

A delegation from the United Arab Emirates (UAE), led by Her Excellency Alia bint Abdullah Al Mazrouei, UAE Minister of State for Entrepreneurship, recently participated in the ComeUp startup festival in Seoul, Korea. The event, held in December 2024, served as a platform for the UAE to strengthen its ties with Korea in the realms of entrepreneurship, small and medium-sized enterprises (SMEs), advanced technology, and innovation.

The UAE pavilion, organized by the Ministry of Economy, showcased 28 SMEs, highlighting their products and services that leverage cutting-edge technological solutions and artificial intelligence. This exposure aimed to attract investments and facilitate business growth for these companies. The participation of these SMEs is particularly significant, as they represent 94% of the total companies operating in UAE markets and contribute 63.5% to the country's non-oil GDP.

Her Excellency Al Mazrouei emphasized the importance of this participation, stating, "The UAE delegation's participation in the exhibition this year represents an important milestone in our efforts to support the economic relations between the two countries in the field of entrepreneurship." She further highlighted that this event provided an ideal opportunity for UAE's SMEs to explore new global markets and promote their projects to a wide base of investors from Korea and other countries.

The UAE's involvement in ComeUp 2024 aligns with its National Agenda for Entrepreneurship and SMEs, which aims to establish the UAE as a leading entrepreneurial nation by 2031. Al Mazrouei shed light on the country's new entrepreneurship system, which seeks to increase the success rate of entrepreneurs from 30 percent to 50 percent by 2031. This ambitious goal underscores the UAE's commitment to fostering a supportive environment for business growth and innovation.

During the forum, a dedicated session titled "The UAE: Your First Gateway to Business and Investment" was held, focusing on the opportunities available in the UAE. Several UAE entrepreneurs delivered presentations on their pioneering projects and products, engaging with investors and venture capitalists present at the exhibition. This interaction could potentially lead to new partnerships and investments, further bolstering the UAE's entrepreneurial ecosystem.

The event also witnessed the signing of two significant Memorandums of Understanding (MoUs). The first, between UAE's Digitalstores and Shukran Korea, aims to enhance opportunities for Korean companies to expand into the UAE, particularly in storage and delivery sectors. The second MoU, signed between Remal IoT and Sungjin Techwin, resulted in an agreement to merge under the name Remal. These collaborations exemplify the growing economic ties between the UAE and Korea, particularly in the technology and logistics sectors.

The UAE's participation in ComeUp 2024 demonstrates its proactive approach to supporting SMEs and fostering international partnerships. By providing a platform for its entrepreneurs to showcase their innovations and connect with global investors, the UAE is not only boosting its own economy but also contributing to the global entrepreneurial landscape. As the country continues to diversify its economy and reduce dependence on oil, the growth and success of its SME sector will play a crucial role in shaping its economic future and maintaining its position as a hub for innovation and business in the Middle East.