Will the ADCCI-KITA Agreement Unlock Global Markets for Startups?
Mokshita P.
10X Technology

Will the ADCCI-KITA Agreement Unlock Global Markets for Startups?

Boosting cooperation between Abu Dhabi and South Korea, the new agreement aims to enhance investment opportunities and support startups across commercial, technological, and industrial sectors.

The Abu Dhabi Chamber of Commerce and Industry (ADCCI) and the Korea International Trade Association (KITA) have just signed a collaboration agreement in Seoul. This agreement is all about boosting cooperation between businesses in Abu Dhabi and South Korea, especially focusing on startups across various sectors like commercial, investment, technological, industrial, and services.

The signing ceremony was quite an event. His Excellency Ahmed Khalifa Al Qubaisi, the CEO of ADCCI, and Lee In-ho, the Vice Executive Chairman of KITA’s Board of Directors, signed the agreement in the presence of several officials from both sides. This took place during the NextRise 2024 conference, which is a big deal for startups and was organised by KITA in Seoul.

This agreement is a big step in strengthening the business ties between the two regions. It's set to create exciting investment opportunities for startups in both the UAE and South Korea. Plus, it's going to reinforce Abu Dhabi’s position as a major hub for startups in the MENA region.

During the visit to Seoul, His Excellency Al Qubaisi met with the UAE Ambassador to Seoul, Abdulla Saif Al Nuaimi, and Mr. Jihyung Lee, who is the Executive Vice President for Economic Cooperation and Trade Fairs at the Korea Trade-Investment Promotion Agency. They discussed how the Abu Dhabi Chamber is actively supporting startups, promoting innovation, and helping businesses grow to enhance Abu Dhabi's reputation as a startup hub in the MENA region. They also explored future cooperation opportunities between Korean companies and their Abu Dhabi counterparts.

Al Qubaisi pointed out that this collaboration fits perfectly with the Comprehensive Economic Partnership Agreement between the UAE and South Korea. It shows their dedication to supporting the local business community and promoting investment opportunities in South Korea, helping startups from Abu Dhabi expand globally.

He also mentioned that this partnership encourages South Korean private sector companies to take advantage of Abu Dhabi's fantastic investment environment, solidifying its status as a regional leader in startups, innovation, and market expansion.

The Chamber is committed to supporting national initiatives aimed at boosting startup and SME growth, achieving sustainable development goals, and addressing climate change. They are doing this by building strong partnerships and launching initiatives with both national and international organisations. Al Qubaisi also highlighted that 23 agreements were signed during the UAE-Korea Business Forum 2023, which shows a shared vision for diverse commercial and investment projects.

Under this new agreement, ADCCI and KITA will work together to support ADCCI’s AD Business Connect platform. They’ll provide information on new investment opportunities and promote these among their members, aiming to boost trade and investment between Abu Dhabi and South Korea. They’ll also share updates on the investment landscapes in both regions, exchange trade delegations, organise joint events, and participate in international exhibitions. And importantly, they’re committed to supporting startups in both Abu Dhabi and South Korea to help their businesses grow and thrive.