South Korea and the United Arab Emirates (UAE) held the Korea-UAE Business Investment Forum on Tuesday, coinciding with UAE President Mohammed bin Zayed Al Nahyan’s state visit. The event, attended by around 200 business leaders from both nations, aimed to foster new partnerships and bolster economic cooperation.

During the forum, Medytox Inc. signed a Letter of Intent with UAE Tecom Investment to establish a biopharmaceutical production plant in the UAE, marking the first such venture in the country. The deal follows a series of memorandums of understandingsigned during South Korean President Yoon Suk-yeol’s visit to the UAE in Jan.