Invest KOREA

According to Yonhap News, 

(Seoul Yonhapnews, by Ko Eun-ji)

Korea International Trade Association (KITA) and Gangnam-gu (the metropolitan district south of the Han River) announced on Mar. 1 that a group of business delegates under a trade & investment mission to the Middle East took a five day trip to Dubai and Abu Dhabi from Feb. 24.

The representatives of 10 separate startup businesses involved in autonomous vehicles, smart farming, artificial intelligence, beauty products and services, healthcare, smart city and even K-content creator have formed the team to begin sales networking in the Middle East market They’ve made an official visit to Dubai Airport Free Zone (DAFZ) and Dubai Future Accelerators (DFA), an initiative of Dubai Future Foundation (DFF) and the government of Dubai to find the world’s innovative and breakthrough solutions for future growth for two days from Feb. 25. A special one-on-one biz-consulting session, inviting 50 local buyers and potential investors looking for business opportunities with Korea was held as part of the tour programs. Moving to Abu Dhabi, the delegation met with dozens of local investors and the representatives of private-public institutions such as Abu Dhabi Chamber of Commerce and Industry and Abu Dhabi Investment Authority (ADIA) on Feb. 27.

Bitsensing, a startup designing and developing radar sensors, and CRESCOM, an AI based medical imaging software solution developer, reached an investment agreement with UD fund (normally called Abu Dhabi Fund for Development, ADFD, a national entity affiliated with Abu Dhabi government).

KITA said “In order to be fully ready for the post-oil era, government agencies and national bodies in the UAE are working together to find the next breakthrough. As they’re taking a closer look at the burgeoning technology such as AI, healthcare, blockchain and smart city, now is the time we believe for many Korean startup businesses to unlock opportunities in the UAE."

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Source: Yonhap News (Mar. 1 , 2020)

*This article was translated from Korean.