The United Arab Emirates (UAE) has taken a bold step towards enhancing its entrepreneurial ecosystem and supporting small and medium-sized enterprises (SMEs) in their global expansion efforts. Led by Her Excellency Alia bint Abdullah Al Mazrouei, UAE Minister of State for Entrepreneurship, a delegation from the UAE participated in the ComeUp startup festival in Seoul, Korea, in December 2024. This participation marks a significant milestone in the UAE's strategy to strengthen economic ties with Korea and promote innovation and advanced technology in the entrepreneurial sector.
The UAE's presence at ComeUp 2024 was highlighted by a pavilion showcasing 28 SMEs, set up by the Ministry of Economy. These companies demonstrated their products and services, many of which leverage cutting-edge technological solutions and artificial intelligence. The exhibition provided a platform for these enterprises to attract investments crucial for their growth and to expand their reach into new global markets.
Her Excellency Al Mazrouei emphasized the importance of this participation, stating that it represents a critical step in supporting economic relations between the UAE and Korea in the field of entrepreneurship. She noted that SMEs constitute 94% of the total companies operating in UAE markets and contribute 63.5% to the country's non-oil GDP, underscoring the sector's vital role in the UAE's economic diversification efforts.
The UAE's commitment to fostering entrepreneurship is further evidenced by its National Agenda for Entrepreneurship and SMEs, which aims to establish the UAE as a leading entrepreneurial nation by 2031. This agenda includes initiatives to increase the success rate of entrepreneurs from 30 percent to 50 percent within the same timeframe. The Ministry of Economy's support for Emirati entrepreneurs extends to creating a nurturing environment for business growth, facilitating investment attraction, and promoting products and services in foreign markets.
During the forum, Her Excellency Al Mazrouei highlighted the UAE's new entrepreneurship system and its initiatives designed to maintain the country's leadership and competitiveness in this field. She also extended an invitation to Korean investors and entrepreneurs to explore the business and partnership opportunities available across various vital sectors in the UAE's dynamic entrepreneurial environment.
The event featured a dedicated session titled "The UAE: Your First Gateway to Business and Investment," further cementing the UAE's position as a strategic hub for international business expansion. UAE entrepreneurs also had the opportunity to present their pioneering projects and products during various sessions and engage with investors and venture capitalists participating in the exhibition.
Two significant memorandums of understanding (MoUs) were signed during the event, witnessed by Her Excellency Al Mazrouei. 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, signifying a deepening of technological collaboration between the two nations.
This participation in ComeUp 2024 is not just a testament to the UAE's commitment to supporting its SMEs but also a strategic move to position the country as a global hub for innovation and entrepreneurship. By facilitating international exposure and partnerships for its SMEs, the UAE is actively working towards diversifying its economy and reducing dependence on oil revenues. The focus on advanced technology and AI aligns with global trends and positions UAE businesses at the forefront of technological innovation.
As the world continues to recover from economic challenges, the UAE's proactive approach in fostering international collaborations and supporting its SME sector could serve as a model for other nations. The implications of this engagement extend beyond immediate business opportunities, potentially influencing future trade relations, technological exchanges, and economic policies between the UAE and Korea, as well as with other countries.
