KITA News and Reports
  • KITA, Preoccupy Reviving Middle East Market with Oil Price Recovery
    2017-06-13

     

    KITA, Preoccupy Reviving Middle East Market with Oil Price Recovery

    - KITA held 'Entry Strategies to the Middle East and Halal Certification Seminar'

     

    The Korea International Trade Association (Chairman, KIM In-ho) held the 'Entry Strategies to the Middle East and Halal Certification Seminar' with the Middle East experts from Korea as well as other countries at the Trade Tower in Samseong-dong, Seoul on June 5.

     

    The seminar was designed to share the information needed to advance into the Middle East market, which is beginning to expand the economic recovery, and the blue ocean Halal market with a consumer of 1.7 billion people. Oil prices have recovered to 50 US dollars in the first half of this year, up about 30 percent from the previous year's average, and the outlook for the future has been brightened as the political instability inherent in the Middle East has been resolved with the reappointment of President Hassan Rohani, the moderate reformer, 

     

    In the first half of the session, Ambassador H.E.Dr.Adel Adaileh of Jordan and Consul General of South Korea Oh Nak-young explained the market trends in Jordan, the center of Middle East merchant trade, and Saudi Arabia, the world's largest oil reserve, respectively and the entry strategies into those markets. The second half of the session spent time to explore the Halal certification, a prerequisite for entering into the Muslim market. Ali Othman, Vice President of the Korean Branch of Islamic Food and Nutrition Council of America (IFANCA), one of the world’s top five Halal certification body*, who is also a founder of the 'International Halal Council' was the speaker.


     * The Islamic Food and Nutrition Council of America (IFANCA) is one of the world’s top five Halal certification body along with the Malaysian Islamic Development Department (JAKIM), Indonesian Ulema Council (MUI), Islamic Religious Council of Singapore (MUIS), Emirates Authority for Standardization and Metrology of UAE (ESMA)

     

    Lee Dong-Ki at the Korea International Trade Association said "The Muslim population is growing more than twice as fast as the non-Muslim population, and the Halal market is a gigantic market that grows rapidly from 1.336 trillion US dollars in 2015 to 2.47 trillion US dollars in 2021." He added "Halal applicable field is expanding to all areas including medical media leisure tourism from the existing food market. Therefore, Korean companies are required to be fully equipped with thorough preparations."

    List
    Prev
    Be Properly Prepared for Changing Chinese Market
    Next
    Chinese Consumers Open Wallets for Products with Eco-Mark
KITA
Family Site