The Korean government will launch the Top 10 Promising Markets Trade Mission, which will lead strategic market exploration to help the country achieve US$700 billion, the largest ever, in exports this year,.
The Ministry of Trade, Industry and Energy (MOTIE) announced on Mar. 5 that it will send the 2024 Middle East Future Partnership Mission to Dubai of the United Arab Emirates (UAE), for two days from Mar. 6 to 7 as the first activity of the 10 Promising Markets Trade Mission.
The 10 Promising Markets Trade Mission is directly managed by the Korean central government, unlike regional trade missions led by local governments or economic missions led by the private sector. It will select promising markets and items centered on four megatrends -- supply chain reorganization, carbon neutrality, digital technology, and demographic change, and support Korean companies in signing export contracts through economic cooperation such as summit diplomacy and large local exhibitions.
The Middle East where the mission will carry out its first activity is a promising market where infrastructure investments are underway in various sectors such as petrochemicals, renewable energy, and road transportation in line with a recent industrial transformation. It is considered a strategic hub for future expansion into the African market. In particular, the number of Korean companies wishing to make a foray into the Middle East is increasing as a new Middle East boom has started due to the signing of the Korea-UAE Comprehensive Economic Partnership Agreement (CEPA) and the Korean President’s visit to the region in 2023.
The Middle East mission will include a large number of technology-powered exporting Korean companies with core technologies in promising industries to focus on the Middle East’s demand for future technology cooperation. From the Korean side, 22 tech companies such as traffic control systems, green hydrogen, and robots will participate. The Middle East side will include major infrastructure project clients such as Dubai’s Roads & Transport Authority (RTA) and the Dubai Electricity and Water Authority (DEWA) and representative investment groups. Both sides will hold intensive export and investment meetings for the two days.
The Korean mission is anticipated to create new synergies between Korean companies with strong manufacturing and R&D capabilities and Middle Eastern companies that serve as intermediary hubs in the Middle East and Africa.