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Korea Seeks New Growth Opportunities in the Middle East

The Korea Trade-Investment Promotion Agency (KOTRA) held a trade and investment promotion conference in Amman, Jordan last Saturday. The conference was attended by representatives from 15 trade institutes in the Middle East. They discussed measures to diversify the industries of Middle Eastern countries and help Korean small- and medium-sized enterprises (SMEs) enter Middle Eastern markets.

Middle Eastern nations, which have acquired wealth thanks to high oil prices, have been aggressively investing in the manufacturing industry since the Arab Spring, a revolutionary wave of demonstrations, protests, and civil wars in the Arab world in late 2010. Attendees shared the view that they should make the most of the situation.

KOTRA has been supporting the sectors of medical care, information and technology, education, new and renewable energy, reconstruction and restoration and overseas employment since selecting them as areas of focus.

“We have no choice but to advance into the Middle East, the world’s largest project market, to achieve USD 2 trillion in trade. We will provide more benefits to Korean companies to help them make use of the local policy and become global players,” said Dr. Young Ho Oh, President of KOTRA.

Source Text

Source: Yonhap News (Mar. 31, 2013)

** This article was translated from the Korean.

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