UAE Minister of State for Entrepreneurship Alia Al Mazrouei speaks during an interview with The Korea Times in Seoul, Dec. 11. Courtesy of UAE Ministry of State for Entrepreneurship

Alia Al Mazrouei, United Arab Emirates minister of State for Entrepreneurship, shared insights on the UAE's entrepreneurial landscape and the growing collaboration between Korea and the UAE during her visit to the COMEUP 2024 event in Seoul.

COMEUP is Korea's largest global startup event, which kicked off its two-day event on Dec. 11 in Seoul, under the theme of Innovation Beyond Borders. It brings together innovative startups, investors and stakeholders from the startup and venture ecosystem across more than 40 countries.

Mazrouei, who attended last year's event as a CEO, expressed her excitement about returning as a minister. "I was here as a CEO, not as a minister, so I have a different hat today," she said during an interview with The Korea Times on Dec. 11 in Seoul, highlighting her dual perspective on the event.

The minister outlined her primary objectives during this visit, emphasizing two key goals. "There has been a signing ceremony with both presidents in May 2023 for a unified SME (small and medium enterprise) Committee between Korea and the UAE," she explained. "We had our first bilateral meeting with the (Minister of SMEs and Startups) to agree on the way forward in supporting SMEs in both countries, focusing on policy, international trade and entrepreneurial support."

Her participation in COMEUP 2024 was another significant highlight. "We have over 26 or 27 participants representing universities, governmental entities and development banks. The main reason here is to promote the entrepreneurship ecosystem in the UAE, supporting not only Emiratis but all residents," she said.

"The participants here are not only local Emiratis; other nationalities also represent our entrepreneurship ecosystem."

She detailed recent achievements, including the signing of two memoranda of understanding (MOUs) with UAE-based and Korean entrepreneurs.

"We've signed two MOUs with two UAE-based entrepreneurs and two Korean entrepreneurs. One involves digital collaboration with KP products from Korea, and the other focuses on technical microchips."

Mazrouei elaborated on the UAE's comprehensive support for entrepreneurs, encompassing access to finance, market access and sector-specific support.

"We try to unify the efforts done by the UAE for all entrepreneurs," she said. "Last month, we launched an entrepreneurship ecosystem called Riyada, which means pioneering, to unify all efforts and support entrepreneurs better."

The minister emphasized the importance of changing mindsets, particularly among students. By creating an ecosystem with partners from the local and private sectors to boost entrepreneurship, especially when cooperating with universities.

Mazrouei also shared her journey from the private sector to her current role, underscoring the UAE's commitment to women's empowerment.

"Our leadership is very forward-thinking, providing support for women in various fields," she said. "We had our first female minister back in 2006, and today, we have female ministers, CEOs, ambassadors, pilots and even astronauts."

"I graduated in 2001, worked in the oil and gas industry, and later moved to HR. My entrepreneurial journey started in 2010, and after various roles in the public sector, I was appointed as a minister in 2019. Life is a journey; embrace it and enjoy it."

She offered advice to aspiring entrepreneurs to "Understand your market, be a risk-taker, and build your network." She added that these are the three most important things to thrive as an entrepreneur.

"There are always challenges, but every challenge is an opportunity. I believe in listening to entrepreneurs to find solutions around their problems. Without difficulties, you won't be able to survive," she said.