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UAE and Korea discuss joint investment opportunities

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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.

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Mohammed bin Rashid: UAE’s sustainability and climate change efforts are constant in our comprehensive development journey

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Mohammed bin Rashid: UAE’s sustainability and climate change efforts are constant in our comprehensive development journey

Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, chaired the Cabinet meeting held in conjunction with the COP28 conference at Dubai’s Expo City.
In a blog post on the “X” site, His Highness said: At the beginning of the “Cabinet Meeting”, we reviewed the results of the state’s national efforts in the field of environment, including more than 120 decisions on sustainability, climate change, The development of our natural resources published by the Council over the last five years… and we launched more than 60 new decisions in 2023 alone, creating a coherent set of policies, legislation, strategies and initiatives. Efforts to participate with the world in addressing the effects of climate change and its file.
His Highness added: National strategies and policies in the field of environment and climate change have yielded results, as the country ranks second in the world in energy transition, in the Global Green Future Index 2023 “GFI”, and the sixth in the world per capita solar energy consumption rate, and it is worth 50 billion dollars. It has invested over .70 billion in clean energy projects in countries, pledging to invest an additional $50 billion in the sector over the next decade.
His Highness continued: The UAE continues to be active and proactive in the field of sustainability and climate change, and our efforts in this field are parallel to those of economic development, and are an essential and sustainable component of our comprehensive and continuous development. Process, God willing.

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5 Top Priorities to Combat Climate Change in Africa

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5 Top Priorities to Combat Climate Change in Africa

African civil society has identified five key priorities for combating climate change: adaptation, losses and damages, food and land use systems, and forest conservation and restoration.

This was announced by UNANDA Third World Executive Secretary Chekov Sir during an event held on the sidelines of the United Nations Climate Conference “COP28” in Dubai.

The “Anda Third World” organization represents a group of African non-governmental organizations, and these organizations met within the framework of a common platform, which was launched during the “COP”, an alliance of the African Development Bank Group and civil society. Climate and Energy.

African Development Bank president Akinwumi Adesina said: “The continent must benefit from its natural wealth. African economies should not be measured by their GDP, while Africa’s wealth should be assessed by its natural capital.”

“The continent’s vast mineral resources, forests and renewable energy must play a part in the balance,” he added, pointing out that the Congo Basin is the world’s largest carbon reserve, but is not taken into account in the overall assessment. Domestic production of countries in the region.

The coalition supports calls by African leaders to transfer special drawing rights on climate finance to Africa, including the African Development Bank.

The coalition calls on the international community, governments and development partners to comprehensively implement best practices, innovations and technologies and engage farmers and local communities, especially women and youth, in an approach that integrates science and traditional knowledge without harming biodiversity. or compromising community resilience.

He called on parties to ensure that adaptation and resilience are at the heart of African economies vulnerable to climate change.

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The Bank’s Vice President, Agriculture, Human and Social Development, Beth Dunford, confirmed during a discussion with civil society that the alliance is “very important” for Africa, noting that the Bank allocates 64% of its funding to adapt to climate change. continent, and it has now opened a window for climate action aimed at providing specific resources and technical assistance to least developed countries on the continent.

For his part, Alliance President Augustine Njamanshi praised the relationship between development finance institutions, civil society and the private sector in combating climate change in Africa.

“Doubling adaptation financing will not be enough for the continent because governments have already spent a lot of money,” he said, adding that civil society and the private sector, especially banks, must work together for the continent’s benefit.

In turn, Ecotrades Fund Executive Director Pauline Nantungo Kalunda said, “Civil society and the private sector’s collaborative work has enabled 15,000 smallholder farmers to plant trees to increase carbon storage,” calling for the removal of barriers. Prevent communities from accessing climate finance.

Mithika Mwenda, President of the Pan-African Climate Justice Alliance, a strong network of over 1,000 African climate organizations, emphasized the catalytic role of civil society and praised the partnership with the Bank.

“Government, the private sector and civil society are forming a ‘parallel’ in the fight against climate change in this coastal country,” said Roger Barrow, Burkina Faso’s environment minister.

• The African Development Bank allocates 64% of its financing to climate change on the continent.

5 Priorities:

– adaptation.

– Losses.

– Damages.

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– Food and land use systems.

– Conservation and restoration of forests.

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The UAE has long-term strategies for environmental sustainability

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The UAE has long-term strategies for environmental sustainability

According to a study conducted by the Regional Center for Strategic Analyzes in Abu Dhabi, sustainability strategies and tackling climate change are at the top of the national action agenda in the UAE. The UAE’s contributions and initiatives during COP 28 gained greater regional and international momentum, support for achieving a better harmonized formula for environmental protection and sustainability, and international pledges to allocate hundreds of billions of dollars to finance climate and sustainable projects.
Interregional said the UAE is making progress in strengthening its environmental leadership by investing tens of billions of dollars and providing legislation, regulatory frameworks, initiatives and policies to address climate change. Participation in dozens of contracts and initiatives around the world.
In this context, Interregional released the “UAE Environmental Achievement Index 2023” to monitor and track the performance of the country’s environmental initiatives in the field of environment and climate, measuring and monitoring 32 sub-indicators since its inception. “UAE Vision 2021” in 2010 to 2022. He also gave predictions till the year 2030.
The Environmental Performance Index is the arithmetic mean of four sub-indicators, namely: climate change, biodiversity, maintenance of a healthy and clean environment and environmental awareness and behaviour, as per the guidelines for developing composite indicators issued by the Organization for Economic Co-operation and Development (OECD).
The center emphasized that the UAE’s approach to climate change has become a priority for government action, in an effort to be “zero climate neutral” and invest in green resources. In this aspect. He explained that there are many motives and reasons behind the UAE’s high priority of addressing the phenomenon of climate change. This comes in the backdrop of the state’s keenness to achieve its strategic plans on climate change. Among the key concepts that have made climate change a government priority are the catastrophic effects worldwide, in particular: droughts and floods, inundation of cities, waves of displacement, damage to agriculture and infrastructure, and degradation. Global food security crises.
The UAE has adopted a comprehensive approach to addressing the climate change crisis, seeking to achieve environmental sustainability through an integrated legislative and regulatory framework, in coordination and cooperation with the international community in this regard. Approach: Localize clean energy, adopt peaceful nuclear energy and support climate legislation and knowledge frameworks, and coordinate with the international and regional community to support international efforts to address climate change. To achieve climate neutrality by 2050, the UAE has won the trust of the international community to host COP28 from here.

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