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두바이-한국 기업 현황: 발전하는 한국-UAE 경제 관계 So, growing protectionism especially by a country like the U.S. which is one of Korea's biggest export destinations... cannot be good news for this economy. Many have been stressing the need for Korea to not only diversify its export products but also tap into new markets... one of them the Middle East. UAE is a good example of decades-long economic relations between Korea and a Middle Eastern country... but our Kwon Jang-ho reports... there are new areas, other than the traditional oil and construction... for future growth for Korean companies... tapping into the Gulf market. Dubai can act as a gateway. In the heart of the Dubai textiles souk, or market, is the office a Korean businessman who's been importing textiles from Korea for over 10 years. But not just any textiles. Kwon Jung-sup has been importing fabrics exclusively for abayas, the black cloak worn by women in the Muslim world. "Our customers love the fabric because it feels like silk to the touch, and for the drape quality and the fact that it doesn't stick to the skin." "Is this fabric only made in Korea?" "Yes, at the moment. Others are trying to produce it, but there are none of this quality yet." Working with local sellers, he's also created a niche, offering colored and patterned abayas that have proved to be a huge hit with customers. "Now they have faith in the Korean products. Initially they were a little bit afraid, but now since so many are using, and now they expect more of Korean fabrics than other countries." Textiles is one of many Korean import products in the UAE, including cars and electronics, but crux of the bilateral trade relationship is based on fossil fuels and construction. Korea is the third largest importer of UAE oil, while Korean contractors have been involved the UAE's major infrastructure projects. "This is the Burj Khalifa. At 828 meters, it is the tallest building in the world. And it was built by Samsung,... and represents the peak of the construction partnership between Korea and the UAE." But increasing competition from China, as well as slowing industry growth, has led to fewer construction opportunities and Korea is recognizing the need to diversify. "The UAE is increasingly investing outside of oil, gas and such energy-related industries. Demand is increasing in industries such as healthcare, IT and the environment, and those present an opportunity for Korean businesses." SeeGene, a medical diagnosis company from Korea, is benefiting from the burgeoning healthcare sector. It set up in Dubai in 2014, and has found success with its Middle East Respiratory Syndrome detection kits. "The healthcare industry in the Middle East is the fastest growing market in the world. The UAE can be seen as the hub of the Middle East, and for Korea's healthcare industry to enter the Middle East and Africa, it's an important gateway to crack." Korean businesses in the UAE are building a varied presence here. And as both economies change, the diversity of projects is expected to increase, even as the relationship remains strong. Kwon Jang-Ho, Arirang News, Dubai. Visit ‘Arirang News’ Official Pages Facebook(NEWS): http://www.facebook.com/newsarirang Homepage: http://www.arirang.com Facebook: http://www.facebook.com/arirangtv Twitter: http://twitter.com/arirangworld Instagram: http://instagram.com/arirangworld