KOTRA holds a Korea-UAE business conference in connection with state visits
KOTRA held a Korea-UAE business conference in Abu Dhabi, UAE on the 16th of last month to coincide with President Yoon Seok-yeol’s state visit to the UAE.
Although the UAE is a resource-rich country with the fifth largest oil reserves in the world, it has pursued industrial diversification policies to break away from its oil-dependent economic structure. To that end, the UAE government launched the Make It Emirates to foster manufacturing last year.
Taking this state visit as an opportunity, the two countries plan to expand cooperation from energy, defense, and nuclear power to aerospace, smart city, and ICT in response to the UAE’s industrial diversification. Through this, Korea is planning to overcome the current crisis by increasing exports.
36 Korean companies and 105 UAE buyers participated in this conference, and a total of 257 business consultations were conducted in the fields of smart city technology, modular smart farm, nuclear power plant and power equipment, solid fuel production plant using domestic waste, cloud, rental car reservation platform, and defense.
More than 90% of the companies participating in the conference were small and medium-sized companies, and they discussed exports, technology cooperation, joint entry, and investment partnerships. Export contracts worth around 11 million dollars were expected.
“The Middle East is an important market in the smart farm, and the UAE is the hub for entering the Middle East. We plan to expand our business to the entire Middle East by using the UAE as a test bed,” said Seo Choong-mo, CEO of Midbar, who conducted joint empirical research consultations with the UAE University of Technology at this conference.
KOTRA President Yoo Jeong-yeol said, “This conference was prepared to use the UAE as a leverage for entering the Middle East. KOTRA will do its best to support the boom in the new business in various fields through close support even after the conference.”
KOTRA recruits companies participating in the global ESG+ project for environmental protection and win-win growth
KOTRA recruited companies participating in the ‘2023 Global ESG+ Project’, which contributes to solving international social problems by supporting Korean companies overseas ESG activities. Applicants must be companies and public institutions interested in overseas ESG activities, and companies with business sites in Korea.
Selected companies receive support of up to KRW 10 million or KRW 30 million when donating their products/equipment, providing technology/management/service training programs, and transferring/donating idle equipment. Through these ESG activities, they can have an opportunity to strengthen networking with local beneficiaries or the government. as well as product marketing. When promoting ESG events locally, selected companies can rent a vehicle at the event site, hire an interpreter, and receive media publicity within a limit of up to KRW 5 million through KOTRA’s overseas trade centers.
Starting this year, KOTRA plans to promote customized ESG projects by announcing in advance the list of beneficiaries and products to be donated by country through local demand surveys.
Kim Tae-ho, head of KOTRA’s Economic and Trade Cooperation Headquarters, which is in charge of the global ESG+ project, said, “KOTRA has been supporting overseas CSR projects of domestic small and medium-sized companies for the past 10 years since 2012, when corporate social responsibility was emphasized. Practicing global ESG management as a stepping stone can lead to exporting products and gain brand recognition in the local.”
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