Martial Arts, Discussions on Cooperation in Promising Fields such as Mobility with Six Oil-Producing Countries

Online 'Korea-Gulf Cooperation Council (GCC) Business Forum' Held on the 7th

Lee Gwansub, Vice Chairman of the Korea International Trade Association, is delivering the opening address at the 'Korea-GCC Business Forum' held on the 7th.
[Photo by Korea International Trade Association]

[Asia Economy Reporter Kim Heung-soon] The Korea International Trade Association (KITA) announced on the 8th that it held the 'Korea-GCC Business Forum' online in collaboration with the Gulf Cooperation Council (GCC) Chambers of Commerce Federation to discuss cooperation plans in future promising sectors such as mobility.

The GCC is an intergovernmental organization consisting of six oil-producing countries along the Persian Gulf in the Middle East: Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Oman, and Bahrain. Previously, in 2012, KITA signed a Memorandum of Understanding (MOU) with the GCC Chambers of Commerce Federation to establish a cooperation channel.

The forum held the day before, themed 'Korea-GCC Future Cooperation: Turning Crisis into Opportunity,' was attended by leading companies from various industries such as LS Electric, Hyundai Motor Company, and Daewoong Pharmaceutical, discussing cooperation plans between Korea and GCC countries in fields including smart mobility, renewable energy, and bio-healthcare.

Lee Kwan-seop, Vice Chairman of KITA, stated, "Based on Korea's advanced industrial technology and industrialization experience, we will participate in the knowledge-based and industrial diversification projects promoted by GCC countries and achieve expanded mutual cooperation and co-growth."

Yoo Myung-hee, Director-General for Trade Negotiations at the Ministry of Trade, Industry and Energy, emphasized, "Although trade between Korea and the GCC has slowed due to COVID-19 and protectionist trends are expanding, openness and solidarity are needed more than ever. An institutional framework is necessary to expand trade and investment, such as promoting a Korea-GCC Free Trade Agreement (FTA)."

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