The Sharjah Chamber of Commerce and Industry (SCCI) has strengthened its economic ties with the Republic of Korea by hosting the Sharjah–Korea Business Forum, a platform designed to expand bilateral cooperation and promote investment opportunities. The event culminated in the signing of a pivotal Memorandum of Understanding (MoU) with the Korea International Trade Association (KITA) to facilitate collaboration between the two business communities.
New MoU To Bridge Business Communities
The agreement, signed by Abdallah Sultan Al Owais, Chairman of SCCI, and Jin Sik Yoon, Chairman of KITA, formalizes a framework for boosting economic engagement. Under the MoU, both parties will actively encourage the exchange of trade delegations, facilitate the circulation of business opportunities, and share vital economic information and trade data. The partnership also aims to promote joint research activities and coordinate participation in trade fairs, exhibitions, and economic conferences held in both countries, creating a robust network for businesses to connect and grow.
A Focus On Future-Facing Industries
The forum, attended by over 100 entities from Sharjah and South Korea, placed a strong emphasis on fostering partnerships in high-growth, technology-driven sectors. Key areas of focus included digital industries, artificial intelligence (AI), financial technology, digital healthcare, and smart transportation. Discussions also covered opportunities in advanced manufacturing, renewable energy, and infrastructure, underscoring a shared vision for an innovation-led economic future. The event concluded with structured B2B meetings, allowing entrepreneurs and officials to explore tangible investment prospects and potential collaborations on upcoming projects.
Building On Strong UAE-Korea Trade Relations
This initiative builds upon an already solid economic relationship between the UAE and South Korea. In his opening remarks, Abdallah Sultan Al Owais noted that non-oil trade between the two nations reached approximately $19.5 billion AED in 2022, a 14 percent increase from the previous year. He also highlighted the UAE’s long-term strategic commitment, demonstrated by its plan to invest $30 billion in key sectors within South Korea. Jin Sik Yoon reciprocated the sentiment, describing the forum as a valuable opportunity to build sustainable partnerships and noting that Sharjah’s competitive environment is well-positioned to attract Korean companies leveraging advanced technologies and industrial expertise.
About The Sharjah Chamber of Commerce and Industry
The Sharjah Chamber of Commerce and Industry (SCCI) is a non-profit public organization that serves the business community in the Emirate of Sharjah. Its mission is to represent, support, and protect the interests of businesses, while also promoting Sharjah as a vibrant international hub for trade, industry, and investment. The SCCI plays a crucial role in the emirate’s economic development by providing a range of services and creating platforms for local and international collaboration.
Source: Zawya
