Dispatch of 'Middle East Future Partnership Delegation' to UAE: Focusing on Future Technology Markets like Green Hydrogen and Robotics

Ministry of Trade, Industry and Energy Launches First Trade Delegation to Top 10 Promising Markets

The government is set to actively launch the activities of the 'Top 10 Promising Markets Trade Delegation' to strategically develop markets with the goal of achieving a record-high export volume of $700 billion. The first dispatch destination is the United Arab Emirates (UAE), where they plan to focus on future cooperation technology demands such as green hydrogen and robotics alongside Korean export tech companies.

The Ministry of Trade, Industry and Energy announced on the 5th that it will dispatch the '2024 Middle East Future Partnership Delegation' to Dubai, UAE, over two days from the 6th to the 7th.

Unlike existing regional trade delegations (led by local governments) and economic delegations (led by the private sector), the Top 10 Promising Markets Trade Delegation is a new program where the central government selects promising markets and items based on strategic directions centered on four mega trends: supply chain restructuring, carbon neutrality, digitalization, and demographic changes. It supports Korean companies in securing export contracts by linking with economic cooperation such as summit diplomacy and major local exhibitions.

The Middle East, a key region in building the Southbelt, which collectively refers to emerging and developing countries in the global southern hemisphere, is a promising market currently undergoing infrastructure investments in various sectors such as petrochemicals, renewables, and road transportation due to recent industrial transformation efforts. It is regarded as a strategic hub for future entry into the African market.

An official from the Ministry of Trade, Industry and Energy stated, "As of 2023, the Middle East accounts for only about 3% of South Korea's total exports, but exports have increased by 7.3% compared to the previous year, establishing the region as a promising export market for Korean companies." The official added, "Especially with last year's summit visits and the consecutive conclusion of the Korea-UAE CEPA (October) and Korea-GCC FTA (December), the new Middle East boom has become visible, and the number of Korean companies wishing to enter the Middle East is also increasing."

The delegation includes 22 export tech companies possessing core technologies in future promising industries, targeting future technology cooperation demands in the Middle East intensively. On the Korean side, tech companies in promising cooperation fields such as traffic control systems, green hydrogen, robotics, Internet of Things (IoT), and digital solutions will participate. On the Middle Eastern side, major infrastructure project clients such as Dubai's Roads and Transport Authority and the Electricity and Water Authority, as well as leading investment groups like the Kanoo Group, will attend to conduct export and investment attraction consultations over two days.

Recently, major Middle Eastern countries have announced mega infrastructure projects such as Saudi Arabia's Neom City, UAE's Azban Solar Power Plant, and Kuwait's Abdullah Smart City, focusing on future technology cooperation including IoT and clean energy. The Ministry expects that this delegation will create new synergies by bringing together Korean companies with solid manufacturing and R&D capabilities and Middle Eastern companies that serve as intermediary hubs for the Middle East and Africa regions.

Minister of Trade, Industry and Energy Ahn Deok-geun said, "This Middle East trade delegation will act as a catalyst to connect recent economic cooperation achievements such as summit diplomacy, Korea-UAE CEPA, and Korea-GCC FTA to actual export results, thereby solidifying the recent export growth momentum." He added, "The government plans to sequentially dispatch trade delegations to 10 promising markets starting with the Middle East to proactively discover and expand export opportunities according to new market trends."