It said while US, European and Chinese companies have actively penetrated these regions, South Korean firms have been slow to make inroads with their market share not being very high.

South Korean products accounted for 2.7 percent and 1.2 percent of the Middle Eastern and African markets, respectively, much smaller than numbers by China, the US, and Germany.

Corresponding numbers in the Middle East and Africa for China stood at 11.3 percent and 17.5 percent, each, followed by the United States at 7.9 percent and 5.7 percent.

KITA said the Middle East region has a sizable population of wealthy people that is expected to growth some 3 percent in 2018, with many of these economies expected to post solid growth in manufacturing and retail sectors.

"If local companies can specialize their products to meet specific demands of Middle Eastern countries there can be considerable business opportunities there," it said.

In Africa, the trade association said there has been development towards political and economic stabilization that is enhancing the continent's overall appeal as a strategic market.

It said the region may experience a surge in demand for autos, consumer goods, information technology products and construction-related materials.

It, however, said because of the diversity found on the continent, each country needs to be approached differently in terms of offering industrial cooperation, research and development, investment and transfer of technology. Such tie-ups are used to fuel trade and mutually beneficial growth.

KITA, meanwhile, said it will to open a trade support center in the United Arab Emirates this week so as to help South Korean companies better enter the Middle East and African countries. (Yonhap)