UAE-Korea investment forum discusses strengthening of cooperation in areas of food security, health & technology

H.E. Al Zeyoudi: The forum is an important platform to benefit from the investment opportunities emerging in the two countries’ markets and drive investment flows to vital sectors of shared interest

Abu Dhabi, UAE, 20 July 2022- H.E. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; and his South Korean counterpart Dukgeun Ahn explored ways to strengthen the trade and economic cooperation between the UAE and South Korea during the virtual ‘UAE-Korea Investment & Business Forum’ that was held recently. The session saw the two ministers discuss cooperation in the fields of food security, health, technology, telecommunications, manufacturing and renewable energy, in addition to joint efforts to benefit from the industrial experiences in the two countries and enhancing cooperation opportunities in projects that benefit the economies of both sides.

H.E. Abdullah Saif Ali Al Nuaimi, UAE Ambassador to South Korea, and Lee Seok-gu, South Korean Ambassador to the UAE, attended the Forum organized by the Ministry of Economy, in cooperation with the UAE Embassy in South Korea. In addition, government and private sector representatives, business leaders, and investors from both countries also attended the session.

H.E. Al Zeyoudi highlighted the depth and strength of the economic and trade relations between the UAE and South Korea, noting that these relations have undergone continuous development over the past four decades. He attributed this progress to the vision and directives of the leadership in the two countries, which contributed to the diversification of the trade and investment exchanges.

He said: “The forum is an important platform for us to benefit from the investment opportunities emerging in the two countries’ markets and encourages our private sectors to pump more investments into vital sectors of shared interest. Thus, it contributes to consolidating the future of UAE-Korean trade relations and supporting the sustainable development of both economies.”

The volume of non-oil trade between the UAE and South Korea in Q1 2022 amounted to nearly USD 1.3 billion, up 19 percent from a year ago, while the non-oil regional trade between the two countries reached USD 4.6 billion in 2021.

Furthermore, H.E. Al Zeyoudi briefed the Korean business community on the business and investment initiatives launched by the UAE under the framework of the Projects of the 50 and the UAE Centennial 2071, as well as its attractive economic environment. He elaborated on the modernization of economic legislation governing the sectors, which now allows 100 percent foreign ownership of companies, apart from the country’s flexible tax policy that does not include income taxes, and its simplified procedures for starting a business, which underline the UAE’s position as a leading global trade and investment hub.

Meanwhile, the South Korean Minister for Trade explained that South Korea and the UAE enjoy a distinguished level of bilateral cooperation in economic and trade sectors, most notably in energy and infrastructure. This has helped drive annual growth in the trade and investment exchanges between the two countries elevating their bilateral relations to a strategic partnership and building successful trade partnerships that serve common aspirations and interests.  He also highlighted the two governments’ keenness to enhance their future cooperation, promote mutual investments and provide promising opportunities for their business communities.

H.E. Abdulla Saif Al Nuaimi, UAE ambassador to South Korea, said: “The UAE-Korean relations are founded on a long history of cooperation, friendship, mutual understanding and strategic partnerships in various diplomatic, economic and social fields, in line with the wise vision of the two leaderships. As the UAE continues to improve its business and investment environment and provide attractive opportunities, possibilities and legislation that support the growth of foreign investments, this Business Forum will add further momentum for increased investment in the two countries.”

The forum featured dialogue sessions that discussed several topics of common interest, including encouraging cooperation and exchanging experiences in the trade fields, enhancing bilateral work in the SMEs sector. The development of sustainable partnerships at the level of the public and private sectors that serve investors and the business community was also discussed, in addition to a review of the most prominent developments in the business environment in the two countries.

The UAE’s exports to South Korea grew by 34 percent in 2021 compared to 2020, reaching USD 679 million while re-exports to the country also increased by 48 percent to reach $428 million in 2021, compared to USD 289 million in 2020. At the forefront of the UAE's export and re-export commodities to Korea are aluminum products, petroleum and mineral oils, copper products, jewelry, and precious metals.

The UAE’s investments in Korea amounted to nearly USD 637 million in 2020. These investments span the sectors of oil, gas, coal, real estate, entertainment and automotive equipment sectors. South Korean investments in the UAE amounted to nearly USD 2 billion in 2019.