Sharjah Chamber Hosts Forum To Enhance Strategic Investment Partnerships With Korean Businesses

The Sharjah Chamber of Commerce and Industry (SCCI) recently hosted the Sharjah–Korea Business Forum. This event aimed to enhance bilateral cooperation, promote investment opportunities, and strengthen business ties between Sharjah and South Korea. The forum highlighted key sectors such as digital industries, artificial intelligence (AI), financial technology, digital healthcare, smart transportation, and advanced manufacturing.

During the forum at SCCI's headquarters, a Memorandum of Understanding (MoU) was signed between SCCI and the Korea International Trade Association (KITA). This agreement aims to boost trade relations and expand cooperation areas. Abdallah Sultan Al Owais, Chairman of SCCI, and Jin Sik Yoon, Chairman of KITA, signed the MoU. Mohammed Ahmed Amin Al Awadi, Director-General of SCCI, witnessed the signing alongside other officials.

The MoU outlines plans for exchanging trade delegations and discussions on export and economic matters. It also supports follow-up visits to foster these exchanges. Both parties will work together to create a business network that facilitates sharing business opportunities between the two countries. The agreement encourages sharing economic information and statistics while promoting joint research activities.

The forum attracted senior officials, business leaders, and representatives from over 100 entities from both regions. Discussions centred on strengthening partnerships in technology-based industries as well as energy and infrastructure sectors. Major companies specialising in construction and renewable energy led these discussions. This focus reflects a shared vision for advancing bilateral cooperation through innovation-driven economic integration.

Abdallah Sultan Al Owais emphasised that the forum marks a significant milestone in UAE-South Korea relations. He noted that non-oil trade between the two nations reached AED 19.5 billion in 2022, showing a 14 percent increase from 2021. This growth underscores the strength of their commercial ties.

Commitment to Economic Growth

Al Owais highlighted a strategic commitment beyond trade figures with plans for UAE investments worth USD 30 billion in South Korea's key sectors. This is complemented by strong Korean investments in the UAE. Jin Sik Yoon stressed Korea's priority to strengthen economic ties with the UAE, particularly focusing on Sharjah.

Yoon described the forum as an opportunity to open new communication channels and build sustainable partnerships. "The Korean business community is closely observing the complementarity between Korea’s advanced technologies and industrial expertise, and the UAE’s growth-oriented market," he stated.

Exploring Future Collaborations

The event concluded with structured B2B meetings between entrepreneurs from both sides. These meetings aimed at establishing effective partnerships and identifying investment prospects in priority sectors. Participants explored collaboration avenues for upcoming projects to advance mutual interests.

The overarching goal remains supporting long-term sustainable economic growth across Sharjah and South Korea through these initiatives.

With inputs from WAM