KOTRA launches Korean Businessmen’s Association

KOTRA hosted the launch ceremony of the UAE Korean Businessmen's Association at the Dubai Chamber of Commerce and Industry in the UAE. The association was launched to promote Korean companies' entry into the UAE and expand economic cooperation, and the event was attended by 80 Korean companies in the UAE and 50 representatives from local companies. POSCO International, which is promoting clean energy development, has been appointed as chair company of the association, while KOTRA has taken on the role of full-time vice chair organization, and CJ Logistics, Hyosung TNC, Hyundai E&C, Hanwha Systems, Korea Export-Import Bank, Nexen Tire, GS Energy, Korean Air, STX, and the Dubai-Abu Dhabi chapter of the World Korean Trade Association (OKTA) have formed the vice chair group. As of Aug. 22, 67 companies had joined the association. From the UAE side, about 50 people attended, including royal and government officials from Dubai, Sharjah, public institutions such as Dubai Electricity and Water Authority and Abu Dhabi National Energy Company, and private companies such as Al Futtaim and Al Bata Group. The two countries hope to cooperate on artificial intelligence, digital transformation, smart cities, and renewable energy. The two countries have been engaged in economic cooperation in the energy, construction, and defense industries since the establishment of diplomatic relations in 1980 and signed a Comprehensive Economic Partnership Agreement in May.

KOTRA holds Seoul Food in Bangkok

The Ministry of Trade, Industry and Energy and KOTRA organized Seoul Food in Bangkok 2024 in Thailand. This is the first overseas expansion of Korea's largest food exhibition, which is now in its 42nd year since its inception in 1983. Starting with Bangkok, the event will be expanded to the global arena. Thailand has the second largest economy in ASEAN. The B2B exhibition invited 300 leading distribution networks from ASEAN and Southeast Asia for export consultations and signed 14 MOUs, generating $7.4 million in export consultations and $250 million in contracts. The B2C pop-up store will be held in Sook Siam, which has the highest visitor traffic in Icon Siam, where F&B and retail businesses are expected to achieve $200,000 in product sales from an estimated 200,000 visitors. This year marks 66 years since the two countries established diplomatic relations. Thailand is a leading food industry trendsetter in ASEAN, and the World Bank forecasts Thailand's economic growth to be 3.6% this year, as the country's tourism industry rebounds and private consumption expands, even as the global economy struggles.