The Abu Dhabi Chamber of Commerce and Industry (ADCCI) signed a collaboration agreement with the Korea International Trade Association (KITA) in Seoul, aiming to enhance cooperation between entities in the private sector in Abu Dhabi and South Korea while supporting startups across all commercial, investment, technological, industrial, and services sectors.
The agreement was signed by His Excellency Ahmed Khalifa Al Qubaisi, CEO of the ADCCI, and Lee In-ho, Vice Executive Chairman of KITA’s Board of Directors, in the presence of a number of officials from both sides. The signing ceremony took place during the participation of an official ADCCI delegation in the NextRise 2024, one of the most prominent conferences for startups, which was organized recently by KITA in Seoul.
The agreement reflects a mutual commitment to deepening cooperation between the business communities of both sides. It aims to create promising investment opportunities for startups in the UAE and South Korea while reinforcing Abu Dhabi’s position as a leading hub for startups in the Middle East and North Africa (MENA) region.
During the visit, His Excellency Ahmed Khalifa Al Qubaisi, CEO of the Abu Dhabi Chamber, met with HE Abdulla Saif Al Nuaimi, UAE Ambassador to Seoul, and Mr. Jihyung Lee, Executive Vice President for Economic Cooperation and Trade Fairs at the Korea Trade-Investment Promotion Agency (KOTRA).
During the meeting, Al Qubaisi highlighted the proactive efforts of the Chamber and its role in supporting startups in Abu Dhabi, encouraging innovation, and fostering businesses to enhance the Emirate’s position as a leading hub for startups in the MENA region. They also discussed future cooperation opportunities between Korean companies and their counterparts in Abu Dhabi.
“The signing of the collaboration agreement between the Abu Dhabi Chamber and the Korean Association aligns with the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and South Korea. This agreement reflects our commitment to supporting the local business community, particularly startups, by promoting investment opportunities in South Korea to enable their global expansion from Abu Dhabi,” H.E. Al Qubaisi said.
“This partnership also aligns with our ongoing efforts to encourage private sector companies in South Korea to take advantage of Abu Dhabi’s exceptional investment ecosystem, positioning it as a leading regional hub for startups, innovation, and market expansion,”he added.
H.E. the CEO highlighted the Chamber’s commitment to supporting national initiatives focused on accelerating the growth of startups and SMEs and their endeavours towards achieving the sustainable development goals and mitigating climate change. This is being accomplished through the strengthening of partnerships and the launching of initiatives in collaboration with both national and international institutions. He also noted that 23 agreements were signed between the UAE and South Korea during the UAE-Korea Business Forum 2023, underscoring our shared vision and commitment to diversifying commercial and investment ventures.
Under the agreement, ADCCI and KITA, the latter representing over 73,000 members, will collaborate to support the Chamber’s AD Business Connect platform by providing information about new investment opportunities and promoting them among their members. This cooperation aims to facilitate knowledge exchange and enhance trade and investment opportunities between Abu Dhabi and South Korea.
Through this partnership, both parties will share developments in the investment landscape in Abu Dhabi and South Korea, exchange trade delegations, organize joint events, and participate in international exhibitions. Additionally, they have agreed to support startups in Abu Dhabi and South Korea to accelerate the growth and prosperity of their businesses.
