한국무역협회(KITA) announced that it dispatched a 'K-Consumer Goods Economic Cooperation Delegation' to the United Arab Emirates (UAE) and Morocco from October 26 to 29. The delegation aimed to support Korean companies in exploring the Middle East and North Africa (MENA) markets through meetings with local government agencies and business networking.
The UAE serves as a business hub in the Middle East, with rapidly increasing demand for K-consumer goods driven by high purchasing power and the spread of Korean culture. For instance, K-beauty exports to the UAE surged from $31 million in 2020 to $287 million last year, more than a ninefold increase.
Morocco is strategically located at the crossroads of Europe, Africa, and the Middle East. It is the only African country to have a free trade agreement (FTA) with the United States and has established a free trade zone with the EU, making it a focal point for manufacturing and exports in the region. KITA organized this delegation to assist Korean consumer goods companies in entering the MENA market, with eight promising firms participating, including those in cosmetics, medical supplies, and food.
On October 26, the delegation held one-on-one business meetings with 27 local buyers at the 'K-UAE Consumer Goods Business Networking' event at Dubai Airport Freezone (DAFZ).
Key buyers included Landmark Group (a Middle Eastern and Indian retail company), Lulu Group (a multinational retail company based in Abu Dhabi), Choithram (a large supermarket chain in the UAE), and Al Maya Group (a comprehensive retail company based in Dubai).
Additionally, the delegation met with Farah Al Zarooni, Deputy Minister of the UAE Ministry of Industry and Advanced Technology (MoIAT), and Hadi Badri, CEO of the Dubai Economic Development Corporation (DEDC), to discuss strategies for entering the halal market for K-consumer goods and cooperation in the consumer goods and retail sectors.
On October 28, the delegation co-hosted a 'K-Morocco Consumer Goods B2B Consultation' with the KOTRA Casablanca Trade Office in Casablanca, Morocco, and held a 'K-Morocco Economic Cooperation Seminar' with the General Confederation of Moroccan Enterprises (CGEM).
During the consultation, participating companies engaged in export discussions and networking with over ten local distribution companies, including Carrefour. The seminar featured CGEM and the Moroccan Investment Agency sharing local investment opportunities and sector-specific entry strategies.
Meanwhile, KITA Vice Chairman Lee In-ho met with Fadel Youssef, Deputy Minister of Industry, Trade, Investment, and Economic Inclusion of Morocco, in Rabat on October 29 to discuss expanding industrial cooperation and activating market entry strategies for Korean companies in light of the K-Morocco Comprehensive Economic Partnership Agreement (CEPA).
Lee stated, "The UAE and Morocco are gateways to the Middle East and Europe-Africa, respectively, and both are promising markets with a growing consumer base favorable to Korean culture. We will actively support K-consumer goods, which possess quality, safety, and the competitive edge of Korean Wave brands, to expand beyond the UAE and Morocco into the entire MENA market."
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.