Abdullah bin Touq Al Marri, Minister of economy, stressed that the visit of the UAE economic delegation to the Korean capital Seoul to participate in the exhibition and forum of startups “COMEUP 2023” reflects the desire of the two friendly countries to open new horizons for small and medium-sized companies and entrepreneurs in order to enhance investment opportunities in the sectors of the new economy, especially advanced technology.
Abdullah bin Touq Al Marri said in statements to the Emirates news agency ” WAM ” that the Emirati startups had an active presence during their participation in this international event, which contributed to signing many cooperation agreements and building bridges of communication and partnerships with Korean companies that want to expand from the UAE.
He stressed that the UAE is a strategic gateway for Korean companies to expand in the Middle East, North Africa, the Gulf countries and Europe, pointing out that the Emirati startups that participated as part of the UAE delegation are making their first visit to the Republic of Korea.
H. E. The Minister of Economy pointed out that during their participation in the Korean exhibition, Emirati companies focused on showcasing their expertise in the fields of technology, artificial intelligence, technical solutions in the field of agriculture, logistics and digital delivery of goods to consumers, reflecting the opportunities for investment cooperation between Emirati and Korean companies in various fields that enhance the companies ‘ business and sustainable growth.
Abdullah bin Touq Al Marri said that H. E. Lee Yong, Minister of small and medium enterprises and startups in the Republic of Korea, has been invited to participate and attend the Investopia summit 2024, which will be held in February next year, by hosting a Korean investment delegation of companies working in the field of advanced technology and focusing their business in the sectors of the new economy.
He stressed that the directives of the wise leadership constitute a compass to consolidate the UAE’s economic leadership globally by enabling the sectors of the new and sustainable economy and developing entrepreneurship that focus on future technology areas and offering promising investment opportunities in these areas.
The UAE Minister of Economy pointed to the development of the small and medium-sized enterprises sector in the UAE, where the country achieved the first place globally for the second year in a row in the Global Entrepreneurship Index (GEM), which is a key indicator for small and medium-sized enterprises globally, which reflects the correctness of the visions and economic strategic plans pursued by the state.
Abdullah bin Touq Al Marri said that the economic cooperation between the UAE and the Republic of Korea is witnessing continuous growth in many sectors and economic activities, including tourism, entrepreneurship, small and medium enterprises, the new economy, technology, artificial intelligence, renewable energy, nuclear energy, agriculture, manufacturing, trade and investment, as the two countries aim to expand and diversify the umbrella of Economic Cooperation in 11 strategic sectors and stimulate mutual investments in them during the next phase to support the achievement of the goals of the development agenda of the two countries and support their transition to a more flexible and competitive economic model based on the sectors of the new economy.
Abdullah bin Touq Al Marri stressed that Emirati investments will witness momentum in various economic and commercial sectors in the Korean markets, especially that the UAE recently announced its intention to inject investments estimated at more than 110 billion dirhams in the coming years, while the balance of South Korean direct investments in the UAE reached about 8.1 billion dirhams with a growth of 73% compared to 2013, and these investments focus on the financial, insurance, mining, retail, real estate, transport, energy and technology sectors, so that the Republic of Korea is among the top 20 foreign investors to the UAE, and the total number of economic licenses for companies Korean in the UAE about 1100 Until the end of June 2023, an increase of 22% compared to 900 licenses by the end of June 2022.
