"Seize the Land of Opportunity"... KOTRA Holds 'Middle East Export Emergency Measures Meeting'

On the 5th (local time) in Istanbul, Turkey... Promotion of export-direct projects underway

[Asia Economy Reporter Han Yeju] KOTRA announced on the 5th that it held the 'Middle East Export Emergency Measures Meeting' in Istanbul, T?rkiye (Turkey) to achieve 'Export Plus.'

KOTRA recently entered an export emergency system and is making every effort to improve the trade deficit by focusing on resolving corporate difficulties and promoting export-linked projects intensively in the second half of the year.

The Middle East is a representative land of opportunity where money accumulates despite the global crisis. According to the International Monetary Fund (IMF), the Middle East economy is expected to grow by 4.8% this year (global average 3.2%), making it the fastest-growing continent overall. The oil money accumulated in finances is actively used for government-led projects and consumption stimulation measures, and a new Middle East boom is occurring as investments are being made to build a manufacturing base. Additionally, with international events such as the Dubai Expo and Qatar World Cup as turning points, the investment and entry environment is improving, making it necessary for Korean companies to quickly secure market positions.

To capitalize on these opportunities, trade representatives from 13 Middle Eastern countries gathered and set four key directions: ▲(Market) expanding entry regions using economic cooperation and market reconstruction as momentum ▲(Items) securing projects in new industries such as energy and infrastructure ▲(Methods) resolving export barriers through strengthening industrial and technological partnerships ▲(Actors) promoting customized export-linked projects for small and medium-sized enterprises and mid-sized companies, and decided to focus on achieving short-term results in the second half of the year.

First, leveraging the consumption boom triggered by international events such as the Expo and World Cup, they plan to hold 'Middle East K-Lifestyle (November, Dubai·Doha)' to expand achievements within the year. In addition, targeting energy and infrastructure sectors with high local government demand, they will consecutively hold the 'Korea-Middle East Carbon Neutrality and Hydrogen Technology Partnership Plaza (September, Dubai)' and the 'Saudi Construction and Power Project Delegation (October-November, Riyadh)'.

Meanwhile, on the 6th, KOTRA President Yoo Jung-yeol plans to meet Ali Kibar, Chairman of the Korea-T?rkiye Economic Cooperation Committee, to discuss ways to expand economic cooperation between the two countries, focusing on future industries such as future automobiles and renewable energy. He will also request support for the bid to host the 2030 Busan World Expo.

President Yoo said, "The Middle East region is a market of opportunity where spending is increasing from general consumers to governments due to international events and the accumulation of oil money," adding, "In the second half of the year, we will focus on projects related to consumer goods, medical devices, and smart farms that can produce results within the year, and actively support nuclear power and hydrogen project businesses that require a mid- to long-term strategic approach."

This content was produced with the assistance of AI translation services.