KITA supports Korean consumer goods firms' foray into UAE, Morocco
The Korea International Trade Association (KITA) said Thursday it dispatched a delegation of Korean consumer goods companies to the United Arab Emirates and Morocco from Monday to Thursday to support their expansion into the Middle East and North Africa market through meetings with local government agencies and business networking events. The delegation was led by KITA Executive Vice President…
The Korea International Trade Association (KITA) organized a delegation of Korean consumer goods firms to explore expansion opportunities in the United Arab Emirates (UAE) and Morocco during the first week of August. The delegation, led by KITA Executive Vice President Lee In-ho, consisted of eight companies specializing in medical devices, cosmetics, hair care products, and food items.
The UAE is recognized as a primary business hub in the Middle East, with a rapidly growing demand for Korean consumer goods fueled by robust purchasing power and the increasing influence of Korean culture. Korean beauty products, or K-beauty, have seen a surge in exports to the UAE, increasing more than ninefold from $31 million in 2020 to $287 million in 2021.
This surge can be attributed to the successful implementation of the Korea-UAE Comprehensive Economic Partnership Agreement, which entered into effect in May 2021, providing a solid foundation for enhancing trade and economic collaboration between the two nations.
Morocco, positioned as a strategic market that links Europe, Africa, and the Middle East, also presented opportunities for the Korean companies.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- KITA supports Korean consumer goods firms' foray into UAE, Morocco koreatimes.co.kr
