Sharjah Investment and Development Authority (Shurooq) has signed a second Memorandum of Understanding (MoU) with Korea’s global investment corporation REI Holding Group, to encourage bilateral investments, collaborate on industry information and expand business networks in both countries.

The agreement follows on the recently announced MoU between Shurooq and REI’s Haewon Medical Foundation Sejong General Hospital to establish the first Korean hospital in Sharjah, and the visit of Moon Jae-in, President of South Korea, at a UAE-Korea Business Forum in March this year.

President Moon highlighted Korea’s commitment to expanding cooperation with the UAE in new sectors as both countries push ahead with strategic plans to further develop their economies.

Reinforcing that message, the Shurooq and REI Holding collaboration promotes the flow of economic information, statistics and trade data to facilitate trade contracts and activate joint projects.

HE Marwan bin Jassim Al Sarkal, Executive Chairman of Shurooq, said: “The Republic of Korea is one of Asia’s powerhouse economies with a dominant role in technology and the fourth industrial revolution in particular, two of the pivotal components of Sharjah’s digital integration strategy. Once again, through this relationship, Sharjah is creating an even greater footprint on a worldwide stage.”

He continued: “With a World Bank global GDP ranking of 11, South Korea is a prime partner for Shurooq and our mutual interests and potential partnerships will be an excellent asset for both nations.”

Soon Bong Hong, Chairman of REI Holding Group, added: “Sharjah’s dynamic and diverse economy and advanced business infrastructure provides a perfect environment for us to work together on joint investments and contribute to each other’s commercial success.”

He added: “The mutual benefit of exchanging industry data, extending networks, sharing technology expertise and organising events will open up a new platform for investment and increase opportunities exponentially.”

Founded in 2009, Shurooq aims to achieve social, cultural, environmental and economic development on the basis of Sharjah’s distinct Arab and Islamic culture and to seamlessly add to the fabric of the emirate. It strives to develop the emirate and encourage investment by adopting the best international standards in providing high-end services that help draw local, regional and international investment.