On May 28, South Korea’s Minister of Trade Cheong In Kyo attended the Korea-UAE Business Investment Forum held at the Four Seasons Hotel in Seoul. He encouraged new partnerships between companies from both countries.
Co-hosted by the Ministry of Trade, Industry, and Energy and the UAE Ministry of Economy and organized by the Korean Chamber of Commerce and Industry and the UAE Embassy in Korea, the event coincided with UAE President Mohammed bin Zayed’s first state visit.
Over 200 participants, including the UAE Minister of State for Foreign Trade and business representatives from both countries, attended the event.
On the same day, Medy-Tox Inc. signed a Letter of Intent (LoI) with UAE’s Tecom Investment to establish a biopharmaceutical manufacturing plant. This marks the first case of a biotech plant entering the UAE. Medy-Tox Inc. also signed an MOU during President Yoon Suk Yeol’s official visit to the UAE in January last year and has now brought the contract to the verge of conclusion.
In his congratulatory speech, Cheong said, “The fact that the two countries who couldn’t even reach $200 million in trade at the time of establishing diplomatic relations have developed into a special strategic partnership and increased trade volume by more than 100 times is an achievement achieved by businesses from both countries.”
He added, “I hope this forum will further strengthen the economic cooperation network between both countries.”