ABU DHABI - Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, discussed, with Dukguen Ahn, Minister for Trade of South Korea, ways of strengthening the bilateral economic and commercial cooperation between the UAE and South Korea in food security, health, technology, telecommunications, manufacturing and renewable energy.
Their discussion took place during the virtual "UAE-Korea Investment Business Forum" organised by the Ministry of Economy, in cooperation with the UAE Embassy in South Korea.
The event was attended by Abdullah Saif Ali Al Nuaimi, UAE Ambassador to South Korea, and Lee Seok-gu, Ambassador of South Korea to the UAE, with the participation of representatives of government agencies, the private sector, business leaders, and investors from both countries.
The value of non-oil trade between the UAE and South Korea in the first quarter of 2022 amounted to US$1.3 billion, a 19 percent increase compared to the same quarter last year, Al Zeyoudi said.
He also briefed the Korean business community about the commercial 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, in addition to the comprehensive advancements to its economic legislation, which now allows 100 percent foreign ownership of companies, its flexible tax policy that does not include income taxes, and its new procedures for starting a business, consolidating the country’s position as a global trade and investment centre.
Ahn said South Korea and the UAE enjoy a distinguished level of bilateral cooperation in economic and commercial sectors, most notably in energy and infrastructure, which has helped increase annual growth in the trade and investment exchange between the two countries.
He then highlighted their governments’ keenness to enhance their future cooperation and promote mutual investments.
Emirati exports to South Korea increased by 34 percent in 2021 compared to 2021, reaching $679 million while re-exports to the country also increased by 48 percent, reaching $428 million in 2021, compared to $289 million in 2020.