Post by Ismail AbdulAzeez on Oct 18, 2016 22:02:16 GMT 1
Korea Expo-2016 is taking place from October 25-27 in Dubai in which the industrial nation will showcase its innovation in the consumer goods and industrial sector, and will display its culture.
The show which is being organised by the Korea Trade Investment Promotion Agency or Kotra at the Dubai World Trade Center in Dubai, will display products of 119 innovative SME companies.
Kotra expects about 15,000 people to attend the show and about 300 companies in the close by 26 countries have already registered to attend the show. Beauty and consumer products companies take more than half of the participating exhibitors reflecting the hot interests in Korean cosmetics, while machinery and industrial products are the next most participating companies, which are the staples that made Korea's reputation as a global manufacturing guru.
Textile and gift related products companies are also a well-known strength that Korea has to offer. Last, but not the least, health and medical related product companies are tapping into the nascent market in the UAE. Also of interest, is the fact that major local retailers, Souq . com and Merlin, will be exhibiting as an exhibitor to reflect the growing online platform trends.
The UAE is Korea's second largest Middle East market for exports. In 2015, Korea exported about $6 billion of goods to the UAE, while importing about $8.6 billion. The major export item is automobiles and consumer electronics like mobile phones and TV sets.
"The number of Korean companies exporting to the UAE has increased 24 per cent with 5,674 companies in 2015. And with 4,824 Korean companies exporting to the UAE so far this year, it will be another record breaking year," says Yongsuk Kwon, president for the Mena region at Kotra in Dubai.
South Korea is seeing a record-breaking foreign direct investment (FDI) influx, he said. In 2015, Korea got $20.3 billion in FDI, the largest amount till date. And in the first half of 2016, $10.5 billion worth of FDI was invested in Korea, also breaking the previous record so far.
The UAE's Investment Corporation Dubai (ICD) invested more than $150 million in Sangyong Construction, and Saudi Arabia's Public investment Fund (PIF) invested more than $1 billion in Posco Construction.
The two countries share a strong strategic relationship. Last year, the president of South Korea made the state visit to the UAE It was a natural extension of the joint cooperative ties between the two countries, who in 2009 signed a series of important bilateral cooperation agreements on nuclear energy and oil, leading to a Dh75 billion contract between the Emirates Nuclear Energy Corporation, and a consortium of companies led by Korea Electric Power Corporation to design, build and help operate and maintain four civil nuclear power plants for UAE's nuclear energy program.
To add excitement to the exhibition, Korean culture shows will be held periodically during the exhibition time. Famous award-winning breakdance company B-Boy group, S Time Crew will be performing on the stage in the exhibition hall. And Taekwonshow Nolia group will be performing a taekwondo show, a traditional martial arts of Korea instilled with modern art. The group has perfected the martial art with acrobatics to make the show exciting to watch.
Abdullah bin Ahmed Al Saleh, Undersecretary of the Ministry of Economy for Foreign Trade and Industry, will be joining the opening ceremony to bolster and further develop both countries' bilateral ties.