The MENA region and South Korea are witnessing a vibrant strengthening of economic and cultural ties. This is driven by pivotal South Korean agencies and associations including the Agro-Fisheries & Food Trade Corporation (aT), the Creative Content Agency (KOCCA), SMEs & Startups Agency (KOSME), the Trade-Investment Promotion Agency (KOTRA), and the Korea International Trade Association (KITA). Each of them plays an essential role in bridging the divide between South Korean businesses and the diverse markets of the MENA through a series of innovative trade and cultural exchanges. Al Tamimi & Company’s Korea Group met with representatives of each organization to explore how these collaborative efforts can benefit local companies. They also provide insights into the diverse contributions of these agencies and the potential for economic growth and cultural exchange in the region.
Korea Agro-Fisheries & Food Trade Corporation (aT)
aT Center Dubai Branch has been instrumental in introducing South Korean agricultural products to the Middle East and Africa, enhancing trade and providing local partners with invaluable insights into the South Korean agricultural market. Their flagship event, the K-Food Fair, scheduled for early October at Dubai’s Jumeirah Beach Hotel, draws significant local buyer participation, facilitating direct business discussions and partnerships. Moreover, aT organizes bi-annual events in South Korea, bringing MEA buyers directly to the source, thereby fostering a deeper understanding and relationships.
Korea Creative Content Agency (KOCCA)
Meanwhile, KOCCA leverages the surging global appeal of South Korean cultural content to strengthen ties within the region. By establishing the KOCCA UAE Business Center in the UAE, it has become a pivotal force in promoting South Korean films, music, and fashion, aligning closely with local entities to maximize cultural exchange and organize K-pop events in the UAE. Plans to expand these efforts include the introduction of an ‘antenna shop’ later this year which will offer direct interaction with South Korean culture across various sectors such as food, beauty, fashion, design, health, and specialized cultural products.
Korea SMEs & Startups Agency (KOSME)
KOSME’s Global Business Centre in Dubai (GBC) supports the entry of South Korean SMEs into the UAE with comprehensive services that extend beyond office space to strategic networking and regulatory guidance. They also facilitate opportunities for local buyers to participate in key South Korean business events, enhancing direct business interactions. KOSME encourages local companies interested in South Korean products to register on their B2B platform which features offerings from over 300,000 South Korean companies, streamlining the procurement process and enabling efficient communication with suppliers.
Korea Trade-Investment Promotion Agency (KOTRA)
KOTRA MENA head office plays a critical role in facilitating the entry of South Korean companies into the MENA market. This is highlighted by the South Korea-UAE Comprehensive Economic Partnership Agreement (CEPA) and a Free Trade Agreement with the Gulf Cooperation Council (GCC), which enhance economic collaboration by reducing tariffs and opening service sectors. KOTRA diligently monitors these developments, addressing commercial challenges and supporting South Korean entries into consumer markets, a prime example being the Arte Museum in Dubai Mall—a testament to the successful fusion of South Korean innovation with local market demands.
Read more: UAE and South Korea forge CEPA agreement to free trade, promote investment
Korea International Trade Association (KITA)
Lastly, KITA MENA headquarters is committed to enhancing South Korea’s business landscape by facilitating business matches between MENA and South Korean companies, leveraging KITA’s extensive network of 73,000 members in South Korea. KITA MENA also bolsters South Korean startups by strategically connecting them with Fortune 500 companies in the region. Through targeted initiatives like field testing, it ensures these startups are well-suited to local market demands, thereby setting the stage for sustainable collaborations and significant investment opportunities.
In summary, these agencies collectively enhance South Korea’s economic footprint in the MENA region and enrich the cultural landscape, demonstrating the profound benefits of international cooperation in both trade and cultural endeavors.
Jiwon Ha, is a senior counsel of the Korea Group, Al Tamimi & Company.
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