With an eye on tapping the UAE market, Korea will be hosting an important trade exhibition in Dubai at the end of the month from October 25 to 27 at World Trade Centre, Korean Trade Investment Promotion Agency (Kotra) said on Tuesday.
As part of Korean Expo 2016, 119 Korean companies from korea will be showcasing their products including cosmetic products, machinery and industry, textile and gifts and medical and health related products.
According to Kotra, UAE is the Korea’s second largest Middle East market for export. In 2015, Korea exported about $6 billion (Dh22 billion) worth of goods to the UAE while importing about $8.6 billion of goods.
“The business ties between the two countries are strong. More than 5,000 Korean companies are involved in exporting goods to the UAE,” said Kotra regional president Yongsuk Kwon addressing a press conference in Abu Dhabi on Tuesday.
He also said investments from the GCC are increasing into South Korea with the UAE’s Investment Corporation of Dubai investing $100 million in Sangyong Construction and Saudi Arabia’s Public Investment Fund investing more than $1 billion in Posco construction.
There is also a $75 billion contract between Emirates Nuclear Energy Corporation (Enec) and a consortium of companies led by Korea Electric Power Corporation to design, build and help operate four nuclear power plants for UAE’s nuclear energy program.
Korea organised a similar expo in Iran earlier this year