Sharjah: The Sharjah Chamber of Commerce and Industry (SCCI) organised the Sharjah-Korea Business Forum as a platform to expand bilateral cooperation, promote investment opportunities, and strengthen business ties between Sharjah and the Republic of Korea.
According to Emirates News Agency, the forum focused on fostering partnerships in key strategic sectors including digital industries, artificial intelligence (AI), financial technology, digital healthcare, smart transportation, advanced manufacturing, and other future-facing industries. During the event, held at SCCI's headquarters, a Memorandum of Understanding (MoU) was signed between the Sharjah Chamber and the Korea International Trade Association (KITA). The MoU aims to strengthen trade relations, expand areas of bilateral cooperation, and support initiatives that facilitate economic collaboration between the business communities of both countries.
The agreement was signed by Abdallah Sultan Al Owais, Chairman of SCCI, and Jin Sik Yoon, Chairman of KITA, in the presence of several officials, including Mohammed Ahmed Amin Al Awadi, Director-General of SCCI, Sheikh Dr. Saleh S. Alsharqi, Head of Economic Affairs at the UAE in the Republic of South Korea, and Dr. Fatima Khalifa Al Muqarrab, Director of International Relations Department at SCCI.
Under the MoU, both parties will encourage the exchange of trade delegations and discussions in the fields of export and economy, and support follow-up visits. They will also coordinate to establish and expand a business network that facilitates the circulation of business opportunities between the two countries. The agreement further provides for encouraging the flow of reciprocal economic information, statistics, and trade data, and promoting joint research activities, in addition to facilitating coordinated participation in trade fairs, exhibitions, economic conferences, and seminars in both countries.
The Sharjah-Korea Business Forum was attended by senior officials, business leaders, and representatives from more than 100 entities and companies from Sharjah and South Korea, covering a wide range of economic, commercial, and investment sectors. Discussions focused on strengthening partnerships across technology-based industries, alongside energy and infrastructure sectors led by major companies specialising in construction and renewable energy. This emphasis highlighted the shared vision of moving bilateral cooperation to a more advanced level of innovation-driven economic integration.
In his opening speech, Abdallah Sultan Al Owais noted that the forum marks a pivotal milestone in the growing economic relations between the United Arab Emirates and South Korea. He highlighted that non-oil trade between the two countries reached around AED 19.5 billion in 2022, showing a 14 percent growth compared to 2021. Al Owais also mentioned the UAE's plans to invest USD 30 billion in key sectors in South Korea, balanced by a strong Korean investment presence in the UAE.
Jin Sik Yoon emphasised Korea's strategic priority of strengthening economic ties with the UAE, with a particular focus on Sharjah. He described the forum as a valuable opportunity to open new channels of communication and build sustainable partnerships. Yoon highlighted the complementarity between Korea's advanced technologies and the UAE's growth-oriented market, suggesting that Sharjah's competitive investment environment is well-positioned to attract Korean companies.
The forum concluded with structured B2B meetings between entrepreneurs and officials from both sides, centered on establishing effective partnerships and identifying investment prospects in priority sectors. Participants explored avenues for collaboration and coordination on upcoming projects, with the overarching goal of advancing mutual interests and supporting long-term sustainable economic growth across Sharjah and South Korea.