Sharjah And Korea's KOSME Discuss Paths To Strengthen Economic Ties

The Sharjah Economic Development Department (SEDD) recently hosted a delegation from the Korea SMEs and Startups Agency (KOSME) to explore avenues for enhancing economic cooperation and trade relations between the UAE and South Korea. The meeting aimed to identify investment opportunities and areas of mutual interest.

SEDD Chairman Hamad Ali Abdalla Al Mahmoud, Deputy Director of Government Communication Department Abdelaziz Omar Al Midfa, and Economic Advisor Dr. Amr Saleh welcomed the Korean delegation. Representing KOSME were Han Lo Ji, Director General of KOSME's UAE office, and Ms. Yunho Shin, Acting Director of Government Relations.

The discussions centred on strengthening the economic partnership between KOSME and SEDD. Both parties exchanged views on recent economic developments and explored ways to stimulate investments in various sectors, particularly innovation and modern technology.

Economic and Technical Cooperation Programme

SEDD Chairman expressed satisfaction with the outcomes of the "Economic and Technical Cooperation Programme" designed to support national and emerging projects in Sharjah. The programme has provided technical and administrative support to several projects, facilitating commercial and industrial exchanges between Sharjah and Korea.

Future Projects

The Department is prepared to collaborate on new initiatives with KOSME to diversify economic sectors. These sectors include metalworking, wood industries, sponge industries, plastic industries, and contracting activities. Additionally, there is a focus on innovation and the transfer of modern technology.

KOSME's Perspective

Han Lo Ji highlighted that this cooperation is one of KOSME's most successful experiences with the UAE since its establishment in 1979. KOSME supports approximately 3 million SMEs in Korea and has collaborated with countries such as Indonesia, Philippines, Malaysia, Russia, China, Chile, and Peru to enhance trade exchanges.

Impact on Trade and Investment

Abdelaziz Al Midfa noted that the existing cooperation has significantly boosted trade relations. It has also attracted investors from Korea to Sharjah, contributing to the emirate's economic and tourism development. This collaboration is seen as a major attraction for the business sector in Sharjah.

Sustainable Development Goals

The cooperation aligns with SEDD's objectives to achieve economic well-being and sustainable development. Both parties are keen on reviewing opportunities to increase trade and investment exchanges, especially in sectors related to innovation and SMEs.

With inputs from WAM