UAE to invest $30 billion in South Korea over the next few years
United Arab Emirates
Electrical Machinery & Apparatus
Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, held a meeting with Dukgeun Ahn, Minister of Trade of the Republic of South Korea, at the Ministry of Economy headquarters in Dubai. The meeting explored joint investment opportunities in several priority fields including trade, industry, real estate, insurance, health, technology, digital transformation and food security. The meeting took place in the presence of Lee Seok-gu, Ambassador of the Republic of South Korea to the UAE, in addition to representatives of several South Korean government entities. During the meeting, Al Zeyoudi underlined the strength and vitality of the UAE’s strategic partnership with South Korea, which is the result of both governments’ commitment to continuously develop and strengthen it. He also highlighted the frequent exchange of visits by high-level officials and trade delegations between the two countries. The UAE also plans to invest nearly $30 billion in South Korea over the next few years, covering a number of important economic sectors. South Korean foreign direct investment (FDI) in the UAE totaled $2.2 billion up until the beginning of 2021, reflecting a 73 per cent growth compared to the beginning of 2013. Al Zeyoudi added: “The trade and economic relations between the UAE and South Korea are witnessing continuous growth. Non-oil trade between the two countries totaled nearly Dhs19.5 billion ($5.3 billion) in 2022, up 14 per cent from 2021.
Also, the UAE exports to South Korea grew by 17.5 per cent last year to exceed Dhs2.8 billion ($781 million), while our re-exports to South Korea totaled Dhs1.3 billion ($367 million).” He added: “Today’s meeting is yet another step forward in elevating our trade and investment partnership to new heights. We are keen to work closely with our partners in South Korea to boost trade cooperation in various sectors that offer promising opportunities for the future.” During the meeting, the two ministers agreed to enhance joint efforts to implement the Memorandum of Understanding (MoU) that was recently signed between the UAE Ministry of Economy and the South Korean Ministry of Trade, Industry and Energy. This agreement forms part of a series of Memorandum of Understandings (MoUs) signed between the two countries in January 2023 during the official visit of a top-level South Korean delegation to the UAE. The Memorandum of Understanding aims to boost trade exchanges between the two countries by facilitating import and export procedures for exporters and importers in both markets, thus creating more investment and trade opportunities for the private sector.