UAE is a vital gateway for Korean startups to enter new markets in MENA region

Lee Young, Minister of SMEs and Startups of the Republic of Korea, has affirmed that the UAE is a vital gateway for Korean startups wishing to enter into new markets in the Middle East and North Africa (MENA) region, noting her country's keenness to attract further investments in the fields of renewable energy, advanced technology and artificial intelligence.

In her statement on the sidelines of the K-Business Day in Middle East 2023, Young said that her meeting with Abdullah bin Touq Al Marri, Minister of Economy, is part of her country's efforts to enhance UAE-Korea cooperation, and further integrate the business communities in both countries.

The Korean minister noted that the UAE is currently the region's top importer for Korean SMEs, recording a total of AED1.5 billion, at a growth rate of 14.9 percent.

She stressed on the importance of her country's collaboration with the UAE, given its established status as a leading logistics hub, and a preferred investment destination for Korean investors, as it enables them to showcase their innovative tech solutions.

Young also lauded the facilities provided by both countries, which help accelerate the growth of startups and allow them to expand into new markets.

News Source: Emirates News Agency