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Expo 2020 could be a game-changer for Korea- Korea International Trade Association

Mon 22 Nov 2021    
EcoBalance
| 2 min read

South Korea is banking on Expo 2020 Dubai to breathe new life into its trade relationship with the UAE, which has suffered in the last 18 months at the hands of the global Covid pandemic. The Brew reached to Cecilia Sun-Young Shin- Spokesperson from Korea International Trade Association to get the inside of the future plans of Korea in terms of global expansion and explore the new avenues.

Cecilia Sun-Young Shin- Spokesperson – Korea International Trade Association

Q1- How the Korea International Trade Association is approaching expo 2020?

2021 K Product Roadshow Dubai in 2020 Expo was a great opportunity for both Korean Sellers and Middle East buyers to start business and show the world that we will overcome Covid19 together. The Middle East buyers can check the products in person and talk to the Korean sellers online or offline. (Among 50 Korean sellers, 8 sellers visited Dubai and met buyers in-person on-site and 42 sellers attended online meetings.)

Q2- How Expo 2020 could be a game-changer for Korea International Trade Association?

Since Covid19, it is our first time holding the business meeting event overseas along with Korean sellers participating on-site. Korean Companies got a chance to meet Middle East buyers in person. Therefore, the 2020 Dubai Expo was an opportunity for us to try the new business model in the era of coexistence with Covid19.

Q3- What is your future plan of expansion in the Middle East and Dubai specifically?

Korea International Trade Association hopes to have a close relationship with its UAE counterparts and Dubai is the core of this plan. We are considering opening an event like this annually in Dubai.  

Specifically, South Korea and the United Arab Emirates (UAE) announced that they will launch official talks toward a bilateral free trade agreement, and we, as businessmen, should together try to search for the way to make the best of the FTA.

Q4- Right now what is the size of trading between Dubai and South Korea in numbers

In 2020, South Korea exported $3,653,610,000 to UAE and imported $5,692,740,000 from UAE. UAE is the largest market among the Middle East countries that import Korean products.

Q5- For the reader, can you please guide us which are the major areas and industries where Korea and the Middle East market is doing well

The top items Korea exported to UAE in 2020 were automobile parts, uranium, and automobiles. 63.3% of imports from UAE were crude oil. Moreover, 33 Korean construction firms are constructing many gorgeous buildings in UAE.

Q6- What is the target of the Korea International Trade Association to achieve from the middle east

We would like to introduce excellent Korean goods and services to Middle East consumers. I believe a product not only satisfies consumers’ everyday necessities but also delivers the culture and the philosophy of the maker. In this way, we can exchange our products and minds and build up mutual trust.


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