Korea-UAE Business Investment Forum... "Strengthening Partnerships in New Business Sectors"

Held on the Occasion of UAE President's Visit to Korea
Over 200 Businesspeople from Both Countries Attend
Strengthening Economic Cooperation in Clean Energy and ICT
"Both Countries Are Strategic Partners... Active Support"

Businesspeople from South Korea and the United Arab Emirates (UAE) have agreed to strengthen economic cooperation and develop partnerships between companies in new industries such as clean energy and information and communication technology (ICT).

Jin In-gyo, Director General for Trade Negotiations at the Ministry of Trade, Industry and Energy (right), and Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade of the UAE Ministry of Economy, shake hands at the opening ceremony of the Korea-UAE Business Forum held on the 28th at the Four Seasons Hotel in Jongno-gu, Seoul. Photo by Jo Yong-jun jun21@

On the 28th, the Korea Chamber of Commerce and Industry (KCCI) held the "Korea-UAE Business Forum" jointly with the UAE Embassy at the Four Seasons Hotel Seoul. The forum was held to mark the visit of UAE President Mohammed bin Zayed Al Nahyan to Korea, with about 200 businesspeople from both countries attending. Also present were Jung In-kyo, Director General of Trade Negotiations at the Ministry of Trade, Industry and Energy, Park Il-jun, Executive Vice President of KCCI, and Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade.

From South Korea, around 150 businesspeople interested in entering the UAE market attended, including major public institutions such as Korea Electric Power Corporation and Korea National Oil Corporation, as well as companies like Samsung E&A, SK Telecom, Hanwha Aerospace, Hyosung Heavy Industries, POSCO International, Doosan Enerbility, LIG Nex1, Daewoo Engineering & Construction, HD Hyundai Oilbank, Korean Air, Nongshim, and Kakao. From the UAE, about 50 businesspeople who wish to discuss mutual investment expansion with Korean companies and collaborate with Korean manufacturers participated.

Since establishing diplomatic relations in June 1980, South Korea and the UAE have closely cooperated mainly in energy, desalination facilities, and infrastructure construction. The trade volume, which was less than $200 million at the time of establishing relations, has increased more than 100 times over the past 40 years. As of the end of last year, the UAE ranks as South Korea’s 14th largest trading partner, jointly advancing as a partner for future growth.

In his opening remarks, Park Il-jun, Executive Vice President of KCCI, said, "With the Comprehensive Economic Partnership Agreement (CEPA) concluded last October between Korea and the UAE, cooperation is expanding beyond traditional sectors such as energy and infrastructure construction to new industries." He added, "KCCI will continue to cooperate with the UAE Chamber of Commerce and Industry to enhance bilateral relations and will do its best as a member of Korea’s global economic diplomacy team, working together with both the public and private sectors."

Jung In-kyo, Director General of Trade Negotiations, also said in his welcoming speech, "The cooperation between the two countries sprouted in plant and oil field development and has developed into a special strategic partnership through the blessing of the Barakah nuclear power plant." He added, "We will generously provide good soil and warm sunlight so that the seeds of cooperation sown by businesspeople can sprout and grow vigorously."

Tani Bin Ahmed Al Jeyudi, Minister of Economy and Special Minister for Foreign Trade, is attending and speaking at the opening ceremony of the Korea-United Arab Emirates (UAE) Business Forum held on the 28th at the Four Seasons Hotel in Jongno-gu, Seoul. Photo by Jo Yongjun jun21@

At the forum, businesspeople from both countries presented and discussed cooperation plans in logistics, manufacturing, and trade through clean energy and ICT. Lee Tae-hwa, Executive Director at Samsung E&A, was the first speaker in the presentation session and emphasized, "Realizing a circular economy is a goal that can no longer be postponed," adding, "Efforts to achieve this goal are urgent throughout the entire process of production, use, and post-management, including hydrogen cracking, sustainable fuels, and carbon management." Lee Jung-hyun, Team Leader at Doosan Enerbility, said, "It is a misunderstanding to think of carbon neutrality simply as an environmental issue," and added, "Building a sustainable energy system is the key to energy security."

Regarding ICT technology, Cho Sang-hyuk, Head of AI Strategic Partnerships at SK Telecom, predicted, "Humanity has entered the AI era, passing from AlphaGo to ChatGPT, and AI strategy will determine the future of companies." Park Seung-hyun, Vice President of Kakao Mobility, said, "The application of ICT technology to traditional industries is becoming more active, and convergence between industries is accelerating," adding, "We need to prepare for the continuous emergence of new platforms that will innovatively change the way humans live."

Hong Hyun-bin, Head of Overseas Business Unit 1 at LIG Nex1, gave the final presentation on logistics, manufacturing, and free trade, emphasizing, "As experienced in the Ukraine war, the trend of changes in warfare is unimaginably fast," and stressed, "To respond agilely to changes, it is urgent to leverage each other's strengths beyond the level of individual countries and create a global defense platform." Kim Bo-gyu, Executive Director of Management Planning at Nongshim, said, "The importance of securing food security is increasing due to climate change and international political instability," and added, "It is necessary to actively consider new technologies such as vertical farms to overcome limited land and difficult cultivation environments."

Korean biopharmaceutical company Medytox and UAE’s Tecom Investment signed a letter of intent (LoI) for establishing a biopharmaceutical production plant at the forum, bringing the contract to the verge of completion. This is the first case of a biopharmaceutical factory entering the UAE market. The two companies signed a memorandum of understanding (MOU) during President Yoon Suk-yeol’s official visit to the UAE in January last year.

Lee Seung-ryun, Head of Economic Cooperation Team at KCCI, said, "The UAE is the only Middle Eastern country that has established a 'special strategic partnership' with Korea," and added, "With this business investment forum as an opportunity, the cooperation between companies from both countries will deepen further by strengthening partnerships in existing cooperation areas and expanding exchanges in new industries."