Young Arab Leaders - UAE Chapter (YAL), the foremost development platform for business, public sector and civil society leaders in the Middle East, today announced it has signed Memorandums of Understanding (MoU) with three governmental bodies in South Korea, aiming to strengthen trade, as well as cultural and social understanding between the UAE and the Republic of Korea.
The symbiotic agreements with the Korean International Trade Association (KITA), Korean Venture Industry Association (KOVA), and Korean Trade and Investment Promotion Agency (KOTRA) were sealed during YAL’s official visit to Seoul.
Led by Mohammed N. Khammas, CEO of Al Ahli Holding Group and YAL - UAE Board Member, the delegation included members from various YAL chapters representing varied sectors such as banking and finance, IT, telecom, construction, civil service, and the media.
His Excellency Dr. Han Seung-soo, Prime Minister of South Korea, received the delegation and expressed his support of YAL’s ambitious initiatives, underpinning the vital role played by such programmes in bridging the Arab-Korean cultural gap.
Mohammed N. Khammas said: “YAL was created in 2004 by His Highness Sheikh Mohammed Bin Rashed Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. Among the multiple objectives that he envisioned for the organisation, he particularly aimed to showcase the capabilities of the Arab youth. Living up to his expectations, YAL has achieved several milestones, enabling its members and other beneficiaries to be stronger individuals beyond their geographic boundaries.
“Through forming strategic partnerships with other nations, we aim to foster bilateral business, cultural and social ties between public and private sector companies, and reap significant outcomes for mutual economies in the long-term.”
YAL’s agreement with KTTA aims to work towards identifying improved trade relationships with South Korean investors keen to build international relationships with Arab nations.
The MoU with KOTRA outlines the various types of business affiliations that currently make up the economy of the Republic of Korea.
In addition, YAL and Dubai-based Sheikh Mohammed Establishment for Young Entrepreneurs (SME) signed an agreement with KOVA to seek innovative ways for supporting small and medium enterprises as well as emerging entrepreneurs.
”YAL pursues a mission to disseminate rich benefits across our societies in the region. Our core objective is to develop well-informed individuals in our communities, and invest them with the wherewithal to lead the region into a robust future. Through striking partnerships within and around the region, we are successfully building bridges of enhanced cultural understanding and striving to create a model society where cooperation and synergy runs high among the world’s nations,” added Khammas.
During its visit, YAL members including Sadok Attia, General Manager of Noor Bank; Mark-Akram Yassin, General Manager of Corporate Banking at the National Bank of Abu Dhabi; Ammar Aker, CEO of Paltel Telecommunication Co., and Faten Koaik, CEO – DIFC Excellence Centre, met with the Korean Minister of Knowledge and Economics His Excellency Lee Youn-ho and discussed possible ways of incorporating all of YAL’s programmes with the Korean governmental and private agencies.
The delegation also visited reputed universities in South Korea to explore potential university affiliations and ways to jointly develop educational programme initiatives.
Leveraging YAL as a premier platform to establish an interactive network, organizations from South Korea will initiate regular dialogue and drive the exchange of information to promote increased trade and investments between the two counties.
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