By Kang Yunsheng
SEOUL, Feb. 28 (Yonhap News Agency) — South Korea’s finance minister said on Tuesday that South Korea is seeking to remove potential obstacles to the huge investment pledge made by the United Arab Emirates (UAE) last month to create “win-win” opportunities for both countries.
Finance Minister Choo Kyung-ho made the remarks during a meeting with economy-related ministers in Seoul to flesh out details of a $30 billion investment project announced by the UAE last month, according to the Economy and Finance Ministry.
this meeting is First since Januarywhen the UAE decided to invest in various areas of strategic cooperation between the two countries, including nuclear power, weapons, hydrogen and solar energy.
“In order to quickly visualize investments in the UAE, we plan to discuss issues such as opening a local office of the UAE sovereign wealth fund and raising a joint fund with the Korean Development Bank,” Choo said in a statement.
“During this process, the government will not only actively suggest prominent investment areas, but will also spare no effort to support its implementation, including bringing in partners and deregulating,” Choo added.
Meanwhile, the finance ministry said its officials planned to visit the UAE in March to discuss investment details.
It is also considering inviting Emirati officials for conferences and business meetings around May or June.
Finance Minister Choo Kyung-ho speaks at a conference in Seoul, February 28, 2023, in this photo released by the Ministry of Economy and Finance. (Photo not for sale) (Yonhap News Agency)
colin@yna.co.kr
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