HSBC senior executives highlight allure of Middle East for Korean companies

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HSBC senior executives highlight allure of Middle East for Korean companies

Published: 18 May. 2023, 17:56 Updated: 18 May. 2023, 18:19

Stephen Moss, regional CEO of HSBC Middle East, North Africa and Turkey, delivers a keynote speech during the HSBC Middle East Forum held at Seoul Plaza Hotel in central Seoul on Tuesday. [HSBC]

Senior executives of HSBC said Korean companies can enjoy a blue ocean in the Middle East — particularly in growing sectors such as bio, nuclear energy and renewable energy — at a business forum held in Seoul.

The leadership of HSBC Middle East, North Africa and Turkey said the region's initiative to grow non-oil sectors to build a self-providing economy in the region will present Korean companies with opportunities to enter its markets during the HSBC Middle East Forum held at Seoul Plaza Hotel in central Seoul on Tuesday.

The event was hosted by the Britain-based bank’s Korean branch for corporate clients in Korea.

According to HSBC’s Middle Eastern leaders, some key agendas for the region include: diversifying and liberalizing its markets, transitioning to net zero, developing infrastructure, digitalization and shaping a business-friendly environment by enacting new laws and offering investment incentives.

For instance, in the United Arab Emirates (UAE), Korean companies can eye sectors such as bio, healthcare, transportation, smart farming and nuclear plants under the countries’ shared commitment toward 2050 net zero. Korea and the UAE signed a series of memorandums of understanding during President Yoon Suk Yeol’s state visit to the Middle Eastern country in January.

Opportunities in refineries, petrochemical and renewable energy are available in Saudi Arabia as well, according to the team of HSBC experts.

“The outlook [for emerging markets] is strong, buoyed by robust growth momentum, subdued inflation, low debt and currency stability,” Simon Williams, senior economist for Central and Eastern Europe, the Middle East and Africa, said. “This will bring strong demand for goods, services and capital, especially from economies like Korea where trade and investment ties already have a firm foundation."

BY SOHN DONG-JOO [sohn.dongjoo@joongang.co.kr]