UAE Strengthens Entrepreneurial Ties with Korea Through ComeUp Festival Participation

The United Arab Emirates delegation, led by Her Excellency Alia bint Abdullah Al Mazrouei, UAE Minister of State for Entrepreneurship, participated in the ComeUp startup festival in Seoul to enhance cooperation with Korea in entrepreneurship, SMEs, advanced technology, and innovation. The UAE pavilion, organized by the Ministry of Economy, featured 28 small and medium-sized companies demonstrating products and services leveraging technological solutions and AI to attract investment for business growth.

Her Excellency emphasized the significance of this participation, stating it marks a milestone in supporting economic relations between the two countries and opens global markets for UAE SMEs. These efforts are crucial as SMEs constitute 94% of companies in UAE markets and contribute 63.5% to non-oil GDP. The Ministry of Economy is committed to supporting Emirati entrepreneurs and fostering a conducive environment for business growth, aligning with the National Agenda for Entrepreneurship and SMEs aimed at making the UAE an entrepreneurial nation by 2031.

Initiatives under the UAE's new entrepreneurship system were highlighted, focusing on sustaining leadership and competitiveness while increasing entrepreneur success rates from 30% to 50% by 2031. Korean investors and entrepreneurs were encouraged to explore opportunities in the UAE's dynamic environment across vital sectors. The forum included a session titled The UAE: Your First Gateway to Business and Investment, where UAE entrepreneurs presented projects and met with investors.

Additionally, Her Excellency attended the signing of an MoU between UAE's Digitalstores and Shukran Korea to enhance expansion opportunities for Korean companies in storage and delivery, and another between Remal IoT and Sungjin Techwin, agreeing to merge under the name Remal, further solidifying bilateral ties and investment prospects.