Exchange between small and medium enterprises in South Korea and the United Arab Emirates (UAE) will expand. This year, a Dubai investment delegation will visit the country, and a business roundtable will also be held.
The Korea Federation of Small and Medium Enterprises noted that its chairman, Kim Gi-moon, visited the Dubai Chamber of Commerce and met with Mohammad Ali Rashid Lootah, the chief executive officer of the Dubai Chamber, to discuss cooperation between small and medium enterprises in the two countries on the 10th.
According to the Korea Federation of Small and Medium Enterprises, last year, the export volume of South Korean small and medium enterprises to the UAE was $1.98 billion, which is an increase of about 20% compared to 2023. In particular, 98.4% of all corporations in Dubai are small and medium enterprises, so the cooperation effect between the small and medium enterprises of the two countries is expected to be significant.
CEO Lootah suggested during the meeting, "We will form a Dubai investment delegation focused on fields where South Korea has international competitiveness, such as cosmetics and food, so please hold a business roundtable."
In response, Chairman Kim said, "If you suggest fields where cooperation is needed at the Dubai Chamber of Commerce, we will discover and match excellent South Korean small and medium enterprises and jointly hold a business roundtable in South Korea around May or September."
Additionally, the Korea Federation of Small and Medium Enterprises and the Dubai Chamber agreed to continue follow-up measures, including an investment environment briefing on Dubai's goal of becoming one of the world's top three cities by 2033.