South Korea is banking on Expo 2020 Dubai to breathe new life into its trade relationship with the UAE, which has suffered in the last 18 months at the hands of the global Covid pandemic.
“The Korea Trade-Investment Promotion Agency (KOTRA) plans to hold various business events linked to Dubai Expo to revitalise imports and exports between the two countries and diversify trade items, which have been dampened by the Covid-19 crisis, and will showcase Korea’s excellent products and services to UAE companies and consumers,” said a member of the KOTRA in response to written questions submitted by Arabian Business.
The UAE is South Korea’s top Arab trading partner, accounting for about 27 percent of its total trade with other Arab countries. Korea mainly imports raw materials such as crude oil and petroleum products from the UAE; while exports include automobiles, electronics, machinery, and wireless communication devices, according to figures provided by KOTRA. Korea’s exports and imports to the UAE are $3.65 billion and $5.69bn, respectively.
“With the Dubai Expo, trade and investment cooperation between the two countries is expected to be more active than before, and various business opportunities are expected to be created in the UAE [with the] government fostering industries such as medical, food security, and ICT [information and communication technology] in the future,” the KOTRA representative said.
There are over 200 Korean companies operating in the UAE currently. “Korea (KOTRA) plans to provide networking opportunities with local investors, VCs, and government agencies in time for the expo period to help promising start-ups and small and medium-sized companies enter and settle in the Middle East,” the KOTRA representative said.
Even outside Expo, the two countries are actively looking to strengthen their economic relations, creating more chances for business growth. Korea and the UAE agreed last month to resume negotiations on a multilateral trade agreement within the framework of the GCC following an online meeting between Thani Al Zeyoudi, the UAE’s minister of state for foreign trade, and Yeo Han-koo, South Korea’s trade minister, state news agency WAM reported.
Expo opened its doors to the world on October 1 and will run through to the end of March next year, with organisers expecting 25 million visits over the duration of the six-month event.
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