UAE, South Korea strengthen economic cooperation in 11 strategic areas

The UAE and South Korea agreed to expand bilateral cooperation in 11 strategic areas in the next phase to boost the economy, according to a press release.

The two parties aim to explore more promising opportunities in the new economic field and facilitate its transition to a more adaptable and competitive economic model.

This was done within the framework of the eighth meeting of the UAE-South Korea Joint Economic Commission (JEC) recently held in Seoul.

Meanwhile, the UAE and South Korea will expand economic cooperation in the fields of green economy and clean energy, small and medium enterprises (SMEs), tourism, space, intellectual property (IP), and information and communication technology (ICT).

In addition to new industries and smart infrastructure, the two parties will also cooperate in areas such as nuclear energy, investment, healthcare, water resources, and smart agriculture.

Abdullah bin Touk Al Mari, UAE Minister of Economy, commented: “Economic cooperation is the cornerstone of this strategic partnership, which is reflected in key areas such as renewable energy, intellectual property, healthcare, technology and agricultural technology. Among the many collaborative efforts in the field.” “.

“These projects have strengthened the economic and trade cooperation between the two countries and taken it to a higher level,” Almari added.

Korean Deputy Prime Minister and Minister of Economy and Finance Cho Kyung-ho emphasized the importance of cultivating economic and trade relations in the new economic field in the next stage, which will support the sustainable economic development of the friendly countries of the two countries in the future.

The UAE is considered South Korea’s second largest trading partner in the GCC and the Arab region by 2022. By the end of 2022, the UAE-South Korea non-oil foreign trade volume will reach US$5.3 billion, with an average annual growth rate of more than 14%.

In the first two months of 2023 (2 million), the trade volume between the two countries exceeds 917 million US dollars.

In addition, the UAE’s exports to the South Korean market will increase by 35% year-on-year in January-February 2023.

The UAE’s investment in South Korea is expected to undergo a qualitative shift after the UAE announced plans to inject $30 billion into South Korea to boost strategic cooperation in key areas.
Source: Mubashir