Chairman Kim Ki-moon of Korea Federation of Small and Medium Business (KBIZ) visited Dubai Chambers for a meeting with President & CEO Mohammad Ali Rashed Lootah on Feb. 7.
They agreed to expand exchanges and cooperation among SMEs of Korea and the United Arab Emirates, KBIZ said on Feb. 10.
Korean SMEs saw their exports to the UAE stand at $1.98 billion in 2024, an about 20 percent surge from $1.65 billion in 2023.
In particular, SMEs in Dubai account for 98.4 percent of Dubai’s total companies, and exchanges and cooperation among SMEs of Korea and the UAE are expected to rise due to the latter’s growth potential.
Dubai Chambers CEO Lootah said, “Dubai is coming up with diverse support policies to attract foreign companies.”
He proposed that Dubai send to Korea an investment delegation centering around the cosmetics, food, health care, pharmaceuticals and smart farm sectors, in which Korea has a competitive edge, KBIZ hold a business round table.
In return, KBIZ Chmn. Kim said, “It is desirable for Korea and the UAE to expand cooperation to sectors, such as investments, in which both sides could further develop, rather than simply importing and exporting.”
If Dubai Chambers propose areas of cooperation, like health care and pharmaceuticals, Chmn. Kim demanded that both sides jointly host a business round table in Korea in May or September.
KBIZ and Dubai Chambers shared the view they will take follow-up measures, such as a session to explain the investment environment of Dubai, which aims to be a global top-three city by 2033.
KBIZ Chmn. Kim Offers Support for Korean SMEs to Enter Omani Markets
Korea Federation of Small and Medium Business (KBIZ) is coming to the aid of Korean SMEs’ entry to the Omani market.
KBIZ Chairman Kim Ki-mun toured Oman and had a succession of meetings with Sheikh Faisal bin Abdullah Al-Rawas, chairman of the Board at Oman Chamber of Commerce and Industry (OCCI), and Qais Mohammed Al Yousef, Omani minister of commerce, industry and investment promotion, KBIZ said on Feb. 12.
OCCI Chmn. Sheikh Faisal bin Abdullah Al-Rawas proposed that the 16th Baedu Forum should be held in Muscat, the capital of Oman, as a first step for Korean SMEs with excellent technologies to enter the Omani market. He expressed hope OCCI will tour Korea and share a list of industries both organizations want each other and promote practical exchanges and cooperation.
Minister Qais Mohammed Al Yousef said in the following meeting with KBIZ Chmn. Kim , “As Oman and the United States have struck a Free Trade Agreement, the latter give many incentives, and Korean companies’ producing and exporting products in Muscat is more favorable than exporting them from Korea, and we have many sectors to cooperate with Korean SMEs since cheap labor can be supplied from areas, such as Pakistan and Sri Lanka.”
KBIZ Chmn. Kim said, “2023 Dubai Forum reaped good achievements by introducing Korean SMEs, such as medical equipment, pharmaceutical and smart farm firms, even though Oman is a country a little bit unfamiliar to Korean businessmen, now that both organizations have demanded the hosting of the Baekdu Forum in Oman, companies of both countries will achieve mutual development if they expand cooperation to joint investments with local companies on top of simply exporting products.”
In return, Chmn. Kim proposed KBIZ will jointly host a business roundtable to match technologies and business areas each other want if an Omani delegation visits Korea in April.
Baekdu Form is an annual global forum KBIZ has held since 2010 to make its rounds of countries with close economic exchanges and help SMEs explore overseas markets.
Chairman Kim Ki-mun of Korea Federation of Small and Medium Business held a meeting with H.E. Zakariya Al Saadi, Ambassador of the Sultanate of Oman to the ROK, at the KBIZ headquarters in Yeouido, Seoul, on Feb. 20.
Both sides discussed ways of promoting cooperation through civilian exchanges of the two countries, such as the hosting of Baekdu Forum.
KBIZ Chmn. Kim said KBIZ is considering holding Baekdu Forum in Oman and If Omani side propose business areas they want to cooperate with Korea, KBIZ will explore and connect excellent Korean SMEs.
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