[ad_1]
By Kang Yunsheng
SEOUL, May 22 (Yonhap News Agency) — Business organizations in the United Arab Emirates (UAE) are currently reviewing $2 billion worth of South Korean investment projects, covering everything from energy to culture, Seoul’s finance ministry said on Monday.
The review follows a meeting between President Yoon Hee-yeol and UAE President Mohamed bin Zayed Al Nahyan in January, when the Middle Eastern country announced its decision to invest $30 billion in South Korea.
The delegation, which included officials from four UAE state-owned funds, visited South Korea from Monday to Tuesday last week to explore business opportunities in sectors including energy and biotechnology, according to the Ministry of Economy and Finance.
Other areas of interest include communications, agricultural technology, aerospace and “Korean culture,” the ministry said in a joint statement with the Korea Development Bank (KDB) and UAE-based Mubadala Investment Company.
“To date, the Abu Dhabi organization has helped identify approximately $2 billion in potential investment opportunities in South Korea,” the joint statement read.
“(Mubadala and KDB) also signed a memorandum of understanding to establish the Korea Sovereign Investment Partnership, which will serve as a mechanism for coordinating collective UAE investment in Korea.”
The large-scale funds will go to prominent South Korean start-ups and venture capital firms, the finance ministry added, noting that the investments will help businesses grow to the next level.
Meanwhile, South Korea’s finance ministry said total trade between South Korea and the UAE, excluding the oil industry, will reach $5.3 billion in 2022, up 14% year-on-year.
In this file photo, President Yoon Seyeol, left, speaks with United Arab Emirates Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan after arriving at Abu Dhabi International Airport for a state visit in January 14, 2023. shake hands. (Yonhap News Agency)
colin@yna.co.kr
(end)
[ad_2]
Source link