March 23, 2023

Dubai Week

Complete Dubai News World

UAE and Korea discuss joint investment opportunities

The Minister of Foreign Affairs His Excellency Dr. Thani bin Ahmad Al-Jayoti affirmed that UAE-Korea relations are distinguished by the strength of strategic partnership and continuous development, as these relations receive great attention from both leaders. Allies, especially in light of high-level official visits between the two countries, the latest of which took place last January, where the head of state, Sheikh Mohammed bin Zayed Al Nahyan, received Eun Seok, head of state, may God protect him. During his visit to the United Arab Emirates, President Yeol of the Friendly Republic of South Korea contributed to strengthening the strength and durability of bilateral relations between the two countries..

This happened during a meeting held by His Excellency Dr. Thani Al-Siodi with the Trade Minister of the Republic of South Korea, Dokhon Ahn, at the Ministry of Economy headquarters in Dubai to discuss joint investment opportunities in a number of priority sectors. For the UAE and the Republic of South Korea, trade, industry, real estate and insurance, including healthcare, technology, digital transformation and food security. It was held in the presence of the Ambassador of the Republic of South Korea to the country, Lee Seok-ku, and many representatives of government agencies from both sides..

His Excellency said: “Economic and trade relations between the UAE and South Korea are witnessing continuous growth, as non-oil intra-trade between the two countries is expected to reach approximately 19.5 billion dirhams (US$5.3 billion) in 2022, a growth compared to 2021. 14%, and UAE exports to South Korea grew by 17.5% in 2022, reaching 2.8 billion dirhams (781 million US dollars), and re-exports from the UAE to South Korea recorded a value of 1.3 billion dirhams (367 million US dollars) in 2022. .

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Today’s meeting represents a new step towards strengthening economic ties and developing trade and investment partnerships with South Korea. We are keen to continue to work closely to develop trade cooperation in various sectors that offer promising opportunities for the future. This guarantees sustainable economic growth for both countries.”

The Emirati and South Korean sides agreed to promote trade and investment cooperation between the two countries through joint work and implement the objectives of the MoU signed between the Ministry of Economy and the South’s Ministry of Trade, Industry and Energy. Korea, came within a series of MoUs and agreements signed between the two countries in January 2023, which saw the signing by the leaders of both countries during an official visit by the President of the Republic of South Korea and a high-level delegation accompanying him to the United Arab Emirates..

The MoU aims to facilitate trade flows between the two countries by facilitating import and export procedures for companies from both countries operating in the sector, supporting investment and trade opportunities for the private sector in both countries, and promoting Emirati and Korean small and medium enterprises. – To scale companies to expand their businesses and projects and to create new economic partnerships between the business communities of the two countries..

The UAE and South Korea enjoy close ties in terms of mutual investments, as the country plans to invest an estimated $30 billion in South Korea in several activities and economic sectors. 2018 with a growth of 73% compared to the beginning of 2013. UAE at the beginning of 2021 was $2.2 billion. These investments are focused on finance, insurance, mining, retail, real estate, transportation, energy and technology sectors..

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His Excellency Thani Al-Seodi briefed the South Korean side on the economic policies adopted by the UAE to enable an investment environment that is competitive and enable its growth into new frontiers, including providing incentives and supportive assistance for private investment and expansion. in the country’s markets, and the amendment of the Business Enterprises Act to allow 100% foreign ownership and to attract business owners, talent and talent, and to modernize the country’s residential systems and business and economic activities..

Al-Sioodi presented the country’s achievements in the Global Economic Partnership Program, where 4 Comprehensive Economic Partnership Agreements have been signed with India, Israel, Indonesia and Turkey, and more agreements are being signed with other countries in the next phase. The future of the country’s foreign trade is a way to improve growth and sustainability and in support of the UAE’s vision of being open to the world.

His Excellency presented the benefits and opportunities of the Next Generation FDI initiative to foreign companies looking to invest and expand in the UAE market. International companies that work in the fields of technology, digital solutions, software and smart applications for the country.