KOREA EYES MEDICAL OPPORTUNITIES IN UAE

[Anchor Lead]

Ever since President Yoon visited the UAE last month, bilateral discussions on cooperation and investment are picking up speed between the two countries. In particular discussions on the health and medical sector, which were known to be difficult to acquire permits and approvals, are kicking off.

[Pkg]

A global event to showcase new advances in health and medical technology. A variety of cutting-edge digital devices and services are up for display. Korea's pavilion is also crowded with potential buyers.

[Soundbite] "Ok, So we can do the order now? Can we order now?"

This year, the National Assembly and the Ministry of Food and Drug Safety sent delegations for the first time. The delegations held a series of meetings with local government agencies, including Abu Dhabi's health department. This is important because cooperation between regulation agencies is critical, as acquiring permits and approval is difficult in the health and medical sectors.

[Soundbite] Kwon Oh-sang(Ministry of Food and Drug Safety) : "The two countries will be able to promote exchanges and trade in the health and medial sector when their regulation agencies broaden understandings of each other."

About 200 Korean medical device companies have advanced into the United Arab Emirates over the past decade. Exports amount to slightly more than 100 million U.S. dollars. The UAE market is not big yet and is considered to have great growth potentials. But the hurdles are evident and tough.

[Soundbite] Yoo Cheol-wook(Chair, Korea Medical Devices Industry Association) : "Due to a shortage in information on the local market and business network, it is most difficult to find trustworthy partners."

Bilateral discussions on cooperation are picking up speed, following President Yoon Suk Yeol's visit to the UAE last month.

[Soundbite] Marwan Abdulaziz Janahi(Official at Dubai Science Park)

With a goal to become a medical hub in the Middle East, the United Arab Emirates is showing great interest in AI and digital medical technologies as well as R&D cooperation. This will surely provide new business opportunities for the Korean medical industry.