The start of good business partnerships in Middle East countries
Officehour Global: Market seminar for startups
Officehour Global is a program that provides the latest information on the local market and dynamics to startups aiming to expand overseas through seminars organized byย D.CAMP's global mentors.
The first Office Hour Global was organized by mentor Lee Boram (CEO of ThirdAge) as a seminar for the Middle East market. Former Korean Ambassador to the UAE, Lee Seok-koo, and a wide range of people from startups, TNCs, and aspiring entrepreneurs participated and engaged in open networking.
Why startups are encouraged to expand their business to the Middle East
After a brief introduction to the Middle East by mentor Lee Boram, executives who have expanded their business domains by establishing good relationships with Middle Eastern business partners explained the investment environment, business partnerships, and policy support in the Middle East.
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Mentor Lee Boramย started the session by explaining how attractive the Middle East is for business.
"The Middle East has a 3-4 hour overlap in business hours with Korea, making it a region where communication is easier than in Europe. It's also a good region for Korean companies to expand their business areas due to stable diplomatic relations with Korea, positive perceptions towards Korean talent and companies, and the Neom City project that welcomes startups from various countries. Itโs an excellent area for Korean startups to enter."
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Vice President Yun Seong-no of Bespin Globalย shared his experience of attracting an investment of 140 billion won from the UAE's leading telecommunications company, EN&, focusing on strategies for building partnerships with Middle Eastern investors.
"There are many investment firms of various sizes in the Middle East with a very well-organized investment process, offering numerous opportunities for Korean startups. Although it may take longer than in Korea to arrange investments, the process is rational and thorough."
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CEO Han Yong-kyung of Turning Pointย introduced the GCC countries.
"The GCC region is a huge economic zone with high purchasing power and low competition, as competitors from other countries have not entered the market for long. Additionally, there is active government support and various tax benefits due to the policy of moving away from oil."
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CEO Kim Tae-jun of Avirtualย shared the secret behind a 9.4 billion won export contract in the Middle East.
"It's important not to just keep in touch with Middle Eastern partners online, but to visit them in person for discussions. Spending more time on action rather than deliberation, actively promoting your business, and utilizing networks are essential for successfully expanding your boundary in the Middle East."
Participants
Samsung
Hanwha
posco humans
Bigbang Angels
BizWatch
MegazoneCloud
Biostandard Co.
BNDNETWORKS
Paulus
Amakey
HAE Creative
HYU Holdings
gain ground
Money guard
Shukrankorea
SYNERGY IB INVESTMENT
ICU Company
4MBIZ SOLUTION
FLEX ORDER
Korea Invention Promotion Association
Startups
The Pinkfong Company
Anssil
Pieceofmood
Datawalker
7meerkat
3billion
iScale
Aenon
aweXome Ray
FLEX ORDER
