Tiếng ViệtStrategic partnerships between Korea and the United Arab Emirates (UAE) will offer robust business opportunities for Korean companies and institutions, and Khalifa Economic Zones Abu Dhabi (KEZAD) Group will play a pivotal role as a bridge, UAE officials said, Wednesday.
They introduced the Middle Eastern country and its business environment during the UAE Business Forum with KEZAD. This event was held under The Korea Times’ Global Business Club in Seoul, in collaboration with the UAE Embassy and KEZAD Group.
UAE Ambassador to Korea Abdulla Saif Al Nuaimi highlighted the significance of the event as a pivotal moment for the flourishing partnership between the two nations.
“Following UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan’s state visit to Korea, the two countries have reaffirmed their commitment to advancing collaboration in multiple sectors, including energy production and storage, transportation and logistics, defense and aerospace, bio-pharma and trade and investment,” Al Nuaimi said, emphasizing the dedication to solidifying relations through the recently signed Comprehensive Economic Partnership Agreement between the two nations.
The ambassador elaborated on the purpose of the business forum, emphasizing its role in showcasing Abu Dhabi’s investment-friendly environment and KEZAD’s mission to enhance trade activities and investments.
He highlighted the potential for B2B (business-to-business) and B2G (business-to-government) collaboration models, which can leverage the thematic strengths of both countries to foster innovation and growth.
“The UAE-Korea partnership is a framework for a shared future of prosperity and sustainable growth,” he said, encouraging attendees to seek out the opportunities presented by the strong bilateral relations. Al Nuaimi expressed his confidence that through collaborative efforts and proactive engagement, both nations can attract businesses, showcase market strengths and explore synergies.
Citing Korea and the UAE as prime examples, The Korea Times President-Publisher Oh Young-jin praised the transformative journeys of both countries.
“Once a battlefield of colonial interests, the UAE is now an exciting source of inspiration, with its achievements spanning space exploration, development model-setting and tourism to women’s rights,” he said. “Korea, also a victim of the turn of the 20th-century world power game, has now joined the world’s top 10 economies, with its K-pop culture drawing oohs and aahs from fans across the globe.”
Oh highlighted the deep and multifaceted partnership between the two countries, stating, “The two nations are all-encompassing strategic partners. Considering the scale of their cooperation, I wouldn’t hesitate to say that we are brothers.”
He further asserted that Korea, the UAE, and other middle powers are advancing globalization even as major powers falter. “We are pushing the limits of globalization further and further,” he said.
Khalid Al Marzooqi, vice president of KEZAD Group, introduced Abu Dhabi’s KEZAD Group at the event, highlighting the strategic benefits and opportunities offered by the UAE’s largest provider and operator of fully integrated economic cities and free trade zones.
Noting that the UAE is Korea’s second-largest Arab trading partner, Al Marzooqi said, “The UAE accounts for 20 percent of trade with Korean companies in the region.” He added that non-oil bilateral trade between the two countries reached $5.3 billion in 2023.
“We are excited to showcase to you today how KEZAD Group provides strategic market access, lower operating costs and ease of doing business,” Al Marzooqi said, specifically mentioning the appeal to Korean companies in sectors such as metals, automobiles, food and agtech, life sciences, and oil and gas.
The speeches were followed by an IR session focused on Abu Dhabi’s market situation, led by Eman Z. Al Hashmi, senior manager at KEZAD Group.
Afterward, Lee Yoon-suk, KEZAD representative for the Korean market, conducted a session on the business environment and investment policies in the UAE. The event concluded with Q and A sessions.
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