Korea-UAE Business Leaders Unite to Strengthen Cooperation in Future Industries

Martial Arts, 'Han-UAE Business Forum' Held
Multifaceted Discussions on New Industry Cooperation Plans
24 Memorandums of Understanding (MOUs) Signed

[Asia Economy Reporter Han Yeju] The Korea International Trade Association (KITA) announced on the 17th that it held the 'Korea-UAE Business Forum' in Abu Dhabi, UAE, jointly with the Abu Dhabi Chamber of Commerce and Industry.

This event, organized by KITA on the occasion of President Yoon Suk-yeol's visit to the UAE, was attended by 220 businesspeople, the largest number in the history of exchanges between the two countries. On the Korean side, over 120 businesspeople including President Yoon Suk-yeol, KITA Chairman Koo Ja-yeol, Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho, Minister of Trade, Industry and Energy Lee Chang-yang, as well as economic envoys such as Samsung Electronics Chairman Lee Jae-yong and Hyundai Motor Group Chairman Chung Eui-sun participated. On the UAE side, more than 100 officials including Minister of Energy and Infrastructure Suhail Al Mazrouei, Minister of Economy Abdullah Al Mari, and CEO of Abu Dhabi Ports Company Zoma Al Shamisi attended.

The event was held to explore effective economic cooperation and market participation methods based on partnerships between the governments and private sectors of both countries, taking advantage of the UAE’s current boom due to high oil prices and its large-scale infrastructure investments and industrial diversification efforts.

Additionally, as new industry cooperation emphasizing carbon neutrality and digital transformation amid paradigm shifts in the overall economy was highlighted, mid-sized companies and startups with excellent technological capabilities also participated to discuss future industry and technology cooperation plans.

The Korea International Trade Association (KITA) jointly held the "Korea-UAE Business Forum" with the Abu Dhabi Chamber of Commerce on the 16th in Abu Dhabi, United Arab Emirates (UAE). The photo shows Koo Ja-yeol, Chairman of the Korea International Trade Association, delivering the opening address.
[Photo by Korea International Trade Association]

KITA Chairman Koo Ja-yeol said in his opening remarks, "The UAE is our important economic cooperation partner, being the only Middle Eastern country with which Korea has a special strategic partnership," adding, "Korea’s advanced technology and half a century of growth experience will be a very important resource in realizing the UAE’s national vision." He further stated, "Through the launch of the 'Korea-UAE Economic Cooperation Committee' at today’s forum, Korea and the UAE will continue to maintain dense economic cooperation."

In the main session of the business forum, presentations and discussions by Korea-UAE businesspeople were held on expanding exchanges and cooperation in four fields: energy transition, bio-medical, aerospace, and future technologies.

Following the forum, at the side event 'Korea-UAE Economic Cooperation MOU Signing Ceremony,' 24 memorandums of understanding (MOUs) were signed, including the MOU for establishing the 'Korea-UAE Economic Cooperation Committee' and MOUs for joint cooperation in corporate support, energy, transportation, information and communications, defense industry, and smart farming.

Kim Ki-hyun, Head of Global Cooperation Division at KITA, emphasized, "Centered on the 'Korea-UAE Economic Cooperation Committee,' we will continuously promote private exchanges between the two countries to solidify existing cooperation with the UAE in energy and infrastructure, while expanding the scope of cooperation to future promising industries such as future energy, defense, and advanced industries discussed at the forum."