Abu Dhabi Chamber And Korea International Trade Association Enhance Economic Ties Through New Collaboration

The Abu Dhabi Chamber of Commerce and Industry (ADCCI) and the Korea International Trade Association (KITA) recently organised a business forum at Rixos Marina Hotel in Abu Dhabi. The event, titled "Expanding Trade Horizons Between Abu Dhabi and Korea," aimed to enhance trade and investment opportunities between the UAE and South Korea. This comes as trade between the two nations grew by 11% in 2024, reaching AED84.7 billion ($23.1 billion).

Non-oil trade saw a significant increase of 42.5% during this period, highlighting the potential for further collaboration. The forum brought together key companies from both countries to strengthen economic ties and explore new partnerships. Discussions focused on private sector cooperation, knowledge sharing, and investment as essential drivers of economic progress.

Abu Dhabi's strategic location, advanced infrastructure, and investor-friendly environment were highlighted as key factors attracting Korean companies. These firms are increasingly establishing operational bases in Abu Dhabi to leverage its modern infrastructure and flexible regulatory framework. This supports ease of doing business and regional growth.

The UAE-Korea Comprehensive Economic Partnership Agreement (CEPA) is anticipated to further integrate Emirati suppliers into Korean value chains. It will also open new avenues for strategic cooperation based on innovation and joint investment.

In 2024, UAE exports to South Korea experienced a slight decline compared to 2023. However, imports from South Korea increased by 14%, reaching AED18.7 billion ($5.1 billion). This indicates a strengthening trade relationship despite fluctuations in specific sectors.

Abu Dhabi is reinforcing its position as a preferred destination for Korean investment through joint projects in energy, advanced manufacturing, and technology sectors. The emirate's commitment to fostering these partnerships is evident in the growing number of Korean companies joining the Chamber's membership.

Chamber's Role in Facilitating Business

The Abu Dhabi Chamber registered an 11.1% increase in South Korean companies joining its membership in 2024 compared to 2023. This underscores Abu Dhabi’s rising profile as a global business hub. Emirati companies are also actively operating in South Korea across more than eight key sectors such as retail, ICT, port operations, shipping and logistics, and advanced manufacturing.

Ali Mohamed Al Marzooqi, Director General of the Abu Dhabi Chamber, emphasised the importance of deepening economic ties with Korea: "Bringing our business communities together reflects the Abu Dhabi Chamber’s strategic commitment to enabling global partnerships that unlock growth."

Enhancing Business Ecosystem

The Chamber serves over 158,000 member companies by representing business interests and advocating for policies aligned with economic priorities. It provides support services like market intelligence, legal consultation, business advisory, and global networking platforms to help companies connect with partners worldwide.

KITA represents over 73,000 member companies, building a stronger bridge between the two business communities through this partnership. The collaboration opens new avenues for investment and innovation while advancing diversification goals.

Forum Highlights

The forum featured panel discussions led by experts along with dedicated one-to-one business meetings aimed at translating dialogue into actionable outcomes. Networking opportunities allowed Emirati and Korean companies to explore joint ventures.

This event represents a gateway for Abu Dhabi businesses into one of Asia’s most vibrant markets while reaffirming the Chamber’s commitment to enabling its members' international expansion efforts confidently.

With inputs from WAM