SEOUL, March 15 (Yonhap News Agency) — Top trade officials from South Korea and the United Arab Emirates discussed Wednesday how to drive tangible results in economic cooperation and deepen ties in bio, digital and other new industries, Seoul’s industry ministry said. explain.
Trade Minister Andegan held the inaugural meeting of the Bilateral Trade and Investment Promotion Framework (TIPF) with UAE Minister of Foreign Trade Thani bin Ahmed Al Zeyoudi in the Middle Eastern country, where he started his stay According to the Ministry of Trade, Industry and Energy, the implementation of joint projects agreed during the summit meeting earlier this year will be checked on Wednesday.
In January, President Yoon Suk Yeol visited Abu Dhabi, where he secured investment commitments totaling some $6.1 billion, including 48 commercial contracts across a wide range of industries including energy, defence, hydrogen and bio.
At Wednesday’s meeting, Ahn called for active consultations to support the agreements and ways to work more closely together in pharmaceuticals, medical devices, the overall bio-industry and the digital economy, the ministry said.
He also suggested establishing a bilateral regulatory dialogue to discuss halal standards, as South Korean companies consider the lack of information on halal regulations to be a major obstacle for them to do business in the UAE market, it added.
Ahn then held separate talks with UAE Minister of Energy Suhail Mohammad Mazrouai to discuss expanding investment and cooperation in energy, infrastructure, hydrogen and other renewable energy sectors.
“Amid increasing uncertainties in the global oil and gas market, the two sides believe that it is necessary to strengthen cooperation in oil field development, nuclear power generation and renewable energy, and jointly address energy security and climate change,” the ministry said in a statement . release.
On Thursday, Ahn will attend the Korea-UAE Business Roundtable, which will bring together companies involved in the joint project, including Samsung Engineering and Doosan Energy, it added.