Korea-UAE CEPA Takes Effect... Energy and Healthcare Cooperation to Lead to Contracts and Investment

[Financial News] Companies from South Korea and the United Arab Emirates (UAE) are seeking export and investment cooperation opportunities following the entry into force of the Korea-UAE Comprehensive Economic Partnership Agreement (CEPA). The two countries face the task of expanding business ties in energy, robotics and healthcare while broadening cooperation beyond large-scale projects such as nuclear power plants to supply chains and manufacturing as a whole. Forty companies from the two countries held business consultations in Seoul, and a memorandum of understanding was signed in the healthcare sector to identify joint projects.
The Korea International Trade Association (KITA) said on the 17th that it had jointly hosted the Korea-Abu Dhabi Networking Forum with the Abu Dhabi Chamber of Commerce and Industry at the Trade Tower in Gangnam-gu, Seoul. About 90 representatives from companies and related organizations on both sides attended the event, which was organized to coincide with a delegation from the Abu Dhabi Chamber visiting South Korea. Participants included Jang Seok-min, executive vice president of KITA, and Ali Al Marzouqi, secretary-general of the Abu Dhabi Chamber.
In his opening remarks, Jang said, "With the Korea-UAE CEPA taking effect in May and establishing an institutional foundation for new cooperation, it is now time to build concrete results one by one." He added, "I hope the connections forged between companies at this forum will lead to actual business results, such as export contracts and investment, and ultimately become a new success story in economic cooperation between the two sides."
Ali Al Marzouqi said, "South Korea is an important cooperation partner with strong competitiveness in advanced technologies and manufacturing, including artificial intelligence, defense, mobility, and bio-healthcare." He added, "As Abu Dhabi is a market open to South Korean companies across various sectors, I hope today's event will serve as an opportunity to broaden cooperation between the two countries."
Jaseng Medical Academy and Emirates International Hospital Group (EIHG) signed a memorandum of understanding (MOU) to globalize Korean medicine and promote advanced integrative medicine cooperation. Jaseng Medical Academy Director Yoon Young-seok and EIHG Chief Executive Officer Linus Patrick Obed said the agreement would lead them to identify concrete joint projects aimed at improving clinical outcomes and optimizing medical costs.
Experts at the forum suggested that the direction of economic cooperation between the two countries should focus on strengthening supply chains and industrial resilience.
Bing Hyun-ji, a senior researcher at the Korea Institute for Industrial Economics & Trade (KIET), said, "Due to the escalating geopolitical risks, cooperation between the two countries needs to shift from a focus on large-scale projects such as nuclear power plants toward strengthening supply chains and industrial resilience." Bing emphasized, "In manufacturing in particular, the two countries should develop long-term industrial partnerships centered on areas where South Korea's competitiveness aligns with the UAE's demand."
The business-to-business (B2B) consultations held after the forum involved 31 South Korean companies and nine Abu Dhabi companies. The participating companies held a total of 57 one-on-one consultations in energy, robotics, healthcare and consumer goods, discussing cooperation opportunities such as entering the local market and potential investment.
[email protected] Kim Dong-ho Reporter