Officials after signing the memorandum of understanding.

The Sharjah Chamber of Commerce & Industry (SCCI) has recently signed a memorandum of understanding (MoU) with Gyeonggi Business and Science Accelerator, South Korea, with the aim of enhancing means of cooperation between the two sides and establishing partnerships for the benefit of businessmen and the economic sector in Sharjah and Gyeonggi-do Province.

The agreement further aims to strengthen trade exchange and economic cooperation, by expanding the commercial and investment relations between the two sides, in addition to organising the exchange of trade delegations and bolstering Korean companies willing to invest in the Emirate of Sharjah.

Also, the MoU will help facilitate the participation in investment exhibitions and events, as well as harness the services provided by both sides.

The MoU was signed by Mohammad Ahmed Amin Al Awadi, SCCI’s Director-General and Kim Ki-Joon, CEO of Gyeonggi Business and Science Accelerator, in the presence of Abdullah Sultan Al Owais, SCCI’s Chairman, Ahnsong Kok, Ambassador of Gyeonggi Province and a number of SCCI employees.

Highlighting Investment Opportunities

Abdullah Sultan Al Owais stated that Gyeonggi Business and Science Accelerator is one of the pioneering organizations which provide a lot of services to develop the trade exchange, noting that South Korea is one of the most important trade partners of the UAE, generally and the Emirate of Sharjah particularly.

“This agreement is part of the SCCI’s strategy to highlight the investment opportunities in Sharjah and entice more Korean companies to invest in various sectors. It also aims at introducing the businessmen and trade companies in Sharjah to the trade and investment opportunities available in South Korea. The MoU will also help us establish new partnerships and fruitful economic and investment opportunities to pour in the interest of both sides,” he added.

 Al Owais called on Korean businessmen, investors and private companies to reinforce their investments in Sharjah and to take advantage of the emirate’s benefits and services.

He pointed to the readiness of SCCI to provide its utmost support and all facilities for the Korean companies wishing to work and invest in the Emirate.

He went on saying: “We should build on this MoU to achieve the joint objectives through enhancing trade exchange in different sectors across the Emirate of Sharjah and South Korea.”

For his part, by Mohammad Ahmed Amin Al Awadi said: “By signing this agreement, we look forward to exploiting the capabilities of Korean companies and institutions. This can be made by holding strategic partnerships with South Korean academic, research, trade, and investment institutions.”

Al Awadi explained that this MoU would be an important opportunity for cooperation, information exchange and economic studies to serve the interest of the business community. This would help establish new investment partnerships and provide trade delegation with all the necessary facilities.

“The SCCI will make use of this agreement to scale up its economic cooperation with South Korea to include a lot of new sectors to further support and encourage investors,” he noted.

In turn, Kim Ki-Joon, CEO of Gyeonggi Business and Science Accelerator, shed light on the importance of signing this agreement, which would help enhance the cooperation relationship between Gyeonggi Business and Science Accelerator and Sharjah Chamber.

“Such agreements reflect the solid economic and investment relationships between the UAE and South Korea in view of the increasing rate of trade exchange annually. Through this MoU, we aim to entice several Korean private companies to invest and launch their businesses in Sharjah,” added Ki-Joon.

The relationship between the UAE and South Korea is witnessing considerable growth in the economic field. The Energy sector is one of the most important domains that see close cooperation between the two friendly countries.

The value of exports and the return of Sharjah exports to South Korea have amounted to $ 12 million. According to 2017’s statistics, the volume of trade exchange between the UAE and South Korea has reached $ 14 billion, including $6 billion is the value of Korean exports to UAE and $8 billion the Korean imports from the UAE.

While the number of South Korean companies operating in the UAE is 20 companies registered in the SCCI, in addition to 21 South Korean investors.

Sharjah Chamber of Commerce & Industry was established by an Amiri decree issued in 1970 by His Highness the Ruler of Sharjah in order to effectively and vitally participate in the organisation of economic life and the prosperity of its trade, industry and professions sectors on all levels and in cooperation with the concerned establishments and bodies and local departments.