Sharjah Chamber explores investment ties with South Korea

Focus on future-facing industries

Discussions during the forum focused on expanding collaboration across a range of forward-looking sectors. These included digital industries, artificial intelligence (AI), financial technology, digital healthcare, smart transportation, and advanced manufacturing. Both sides emphasized the importance of innovation in shaping future economic growth and sustainability.

SCCI and KITA sign MoU to expand bilateral cooperation

A key highlight of the forum was the signing of a Memorandum of Understanding (MoU) between SCCI and the Korea International Trade Association (KITA). The agreement is aimed at reinforcing trade ties and boosting areas of bilateral cooperation. It also seeks to support initiatives that encourage economic collaboration between business communities in both countries.

The MoU was signed by His Excellency Abdallah Sultan Al Owais, Chairman of SCCI, and His Excellency Jin Sik Yoon, Chairman of KITA. The signing ceremony took place in the presence of His Excellency Mohammed Ahmed Amin Al Awadi, Director-General of SCCI, Sheikh Dr. Saleh S. Alsharqi, Head of Economic Affairs at the UAE in South Korea, and Dr Fatima Khalifa Al Muqarrab, Director of the International Relations Department at SCCI, along with other senior officials from both sides.

Agreement to foster business networking and joint activities

Under the terms of the agreement, both parties will collaborate to facilitate the exchange of trade delegations and engage in ongoing discussions focused on exports and broader economic cooperation. The MoU outlines plans to develop a business network that will support the circulation of business opportunities between the two countries. It also calls for the exchange of economic data and statistics, promotion of joint research initiatives, and coordinated participation in trade fairs, exhibitions, and economic conferences.

Forum attracts strong participation from public and private sectors

The Sharjah–Korea Business Forum witnessed the participation of senior officials, business leaders, and representatives from more than 100 companies and institutions from Sharjah and South Korea. The forum covered a broad range of economic, commercial, and investment sectors, and discussions highlighted opportunities to build partnerships in technology-driven fields, energy, infrastructure, and construction, particularly in the area of renewable energy.

A shared vision for innovation-led economic integration

The forum reflected a shared commitment to moving bilateral cooperation into a new phase of innovation-led integration. This emphasis on technology, sustainability, and strategic growth underscored the mutual desire to form deeper and more impactful economic ties that contribute to long-term prosperity.

Remarks from Sharjah and Korean business leaders

In his opening remarks, His Excellency Abdallah Sultan Al Owais described the forum as a pivotal moment in the growing economic relationship between the UAE and South Korea. He noted that non-oil trade between the two nations reached approximately AED 19.5 billion in 2022, representing a 14 percent increase from the previous year. This growth, he said, reflects the strength and resilience of commercial ties.

Al Owais also emphasized that this strong foundation goes beyond trade statistics, pointing to the UAE’s announcement of plans to invest USD 30 billion in key sectors across South Korea. This is balanced by the strong investment presence of South Korean companies in the UAE, reflecting a strategic, long-term commitment from both sides.

For his part, His Excellency Jin Sik Yoon highlighted South Korea’s strategic interest in deepening economic ties with the UAE, with a particular focus on Sharjah. He described the forum as an important opportunity to open new channels of communication and foster sustainable partnerships. He noted that Korean businesses see strong potential in Sharjah’s competitive investment environment and the complementarities between Korean technology and the UAE’s forward-looking market and financing capabilities.

B2B meetings and future collaboration opportunities

The forum concluded with structured B2B meetings between Emirati and Korean entrepreneurs and officials. These sessions focused on establishing effective partnerships and identifying investment opportunities in priority sectors. Participants also explored collaborative possibilities on future projects, all aimed at supporting shared economic goals and enhancing sustainable growth across Sharjah and South Korea.