Sharjah-Korea Business Roundtable explores trade synergies

SHARJAH, The Sharjah FDI Office, Invest in Sharjah, operating under the Sharjah Investment and Development Authority, Shurooq, in collaboration with the Korea International Trade Association, KITA, organised a Sharjah-Korea Business Roundtable on 17th February, 2020, at the Sharjah Chamber of Commerce and Industry, SCCI, to explore greater economic ties and synergies between Sharjah and Korea.

The meeting also introduced the emerging prospects and investment opportunities in competitive sectors to Korean investors.

While highlighting the sectors such as transportation and logistics, light manufacturing, travel and leisure, environment, technology and innovation, healthcare, education and research, start-ups and SMEs that have traditionally played an important role in enriching Sharjah’s FDI appeal, the roundtable also drew attention to new and emerging sectors where economic cooperation between Sharjah and the Republic of Korea could be expanded.

More than 85 trade professionals, entrepreneurs, investors, Sharjah government officials and business stakeholders attended the Sharjah-Korea Business Roundtable, which also emphasised the ease of doing business in Sharjah.

Prominent attendees included E. Chun Young-wook, Consul-General of the Republic of Korea in Dubai; Marwan bin Jassim Al Sarkal, Executive Chairman of Shurooq; and Gi Hyun Kim, President of KITA.

Representing Sharjah’s government entities were Hussain Mohammed Al Mahmoudi, CEO of Sharjah Research Technology and Innovation Park, SRTIP; Dr. Abdel Aziz Al Muheiri, Director, Sharjah Health Authority; Shihab Al Hammadi, Authority Director, Sharjah Media City; Mohamed Juma Al Musharrkh, CEO of Invest In Sharjah; Mohamed Bin Kuwair, Senior Director of International Projects, Bee’ah; and Emerson Buarque, General Manager � Business Development, Gulftainer.

KITA members at the event included Do Hyung Lee, Chief Representative, Export-Import Bank of Korea; Si Kyung Nam, Managing Director, Posco International; Tor-hyung Kim, Vice President, Hyosung; and Hyo Won Lee, General Manager, Ssangyong E&C.

In his welcome address, Al Sarkal said, Our business infrastructure boasts of a strong network of free zones and industrial zones that continue to grow. We have been undertaking a range of measures to boost foreign investment flows, supported by competitive advantages such as strong connectivity and low operating costs by regional standards.

In his address, Gi Hyun Kim said, Korea is an ideal economic partner for the UAE as it is a major technology powerhouse with increasing investments in innovation and advanced technology. He also pointed out that with more than 73,000 member companies from start-ups to established MNCs, KITA is positioned as the ideal platform for companies in the UAE and MENA region to discuss partnership opportunities.

There was also a panel discussion at the event titled Investment Opportunities in Sharjah, moderated by Dr. Myung-ju Choi, CEO of MEA & Co, which also served as a platform for several KITA members to present their specific areas of expertise and lines of businesses with the participating Sharjah entities.

Set up to spark innovation and technology, SRTIP is focusing on six new-generation tech areas, namely, transport and logistics, environment technology, digitalisation, production design & architecture, energy, and water technologies, pointed out Al Mahmoudi, as he called on Korean investors and businessmen to take advantage of the innovation ecosystem in place at the free zone.

Dr. Abdel Aziz Al Muheiri highlighted the tie-up between Shurooq and REI’s Haewon Medical Foundation Sejong General Hospital to establish the first Korean hospital in Sharjah as a strong indication of the emirate’s position as a healthcare destination across the GCC and the wider MENA region.

Calling on Korean businessmen and investors at the event to take advantage of the fruitful economic and investment opportunities in a variety of sectors across the mainland and at the specialised free zones in Sharjah, Al Musharrkh said, Our four main focus sectors comprise tourism, renewable energy and environment, logistics and transportation, and light manufacturing or advanced manufacturing.

Source: Emirates News Agency