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Seoul, July 10 / His Excellency Abdullah bin Touq Al Marri, Minister of Economy, confirmed that the United Arab Emirates and the friendly Republic of Korea have developed and distinguished economic and trade relations, within the framework of the support and forward-looking vision of the leaderships of the two countries to strengthen these relations and raise them to new levels of growth and prosperity. , in a way that serves common interests and supports the sustainable growth of their economies.
This came during bilateral meetings held by His Excellency with four ministers and officials of the South Korean government, on the sidelines of the work of the eighth session of the joint economic committee between the two countries, which was held in the capital, Seoul, on July 6; Where he discussed with them the development of trade and investment partnerships between the two countries in the fields of the new economy, technology, communications, cybersecurity, artificial intelligence, industry, energy, entrepreneurship and small and medium enterprises.
His Excellency said: “The two countries have promising opportunities for investment and trade in many vital economic sectors, in a way that enhances the building of new trade and economic partnerships between the two countries during the next stage in these sectors, and supports the increase of projects in areas of common interest at the level of the government and private sectors, especially since The UAE plans to pump investments estimated at $30 billion in South Korea over the coming years, in many activities and economic fields.
In detail, His Excellency Abdullah bin Touq held a bilateral meeting with His Excellency Lee Young, Minister of Small and Medium Enterprises and Korean Startups, to discuss the latest developments in cooperation between the two countries in the fields of entrepreneurship and small and medium enterprises, and to strengthen it in order to create flexible programs that support the growth and expansion of small business businesses. The Emirati and Korean medium, in addition to the transfer of knowledge regarding the development of programs, policies and legislation related to the entrepreneurship sector in the two countries.
Lee Young said: “The bilateral relations between the Republic of South Korea and the United Arab Emirates are strong and growing in all fields, especially economic and trade. Korean Business” for the year 2023 in Dubai, which represented an important milestone in strengthening economic and trade relations between the two countries, supporting the exchange of experiences and knowledge in the digital and technological fields between the two sides, and stimulating the growth of business and investments of Korean and Emirati startups.
She added, “In our meeting today with the UAE side, we discussed strengthening bilateral work to implement a set of joint projects between the two countries during the next stage, especially in the small and medium enterprises sector, and we also agreed to continue joint efforts to support the growth of trade and investment exchanges between the two countries.”
His Excellency Bin Touq met with His Excellency Lee Chang Yang, the Korean Minister of Trade, Industry and Energy, to discuss mechanisms for increasing trade exchanges between the two countries, and supporting joint work in order to provide more possibilities and opportunities for exporters and importers to facilitate increased exchange and diversification of goods, and to open new channels of communication between investors. And companies on both sides, and accelerate work on implementing joint projects in new economic sectors, in a way that contributes to advancing the economies of the two countries and consolidates the strength and durability of bilateral relations.
Lee Chang Yang said: “The meeting represents an ideal opportunity to enhance economic and trade cooperation between the two countries at the governmental and private levels, and to accelerate work on implementing the memorandums of understanding that were signed during the visit of His Excellency Yoon Seok Yol, President of the Republic of South Korea, to the UAE. friendly United States in January.
During the meeting, he pointed to the importance of enhancing joint investment opportunities between the two countries in new industries, most notably advanced industrial technologies, space, clean energy and other vital economic sectors. He also stressed the keenness of Korean companies to participate in the implementation of major industrial projects in the UAE.
His Excellency the Minister of Economy held a bilateral meeting with His Excellency Won Hee Ryong, Minister of Land, Infrastructure and Transport of South Korea, where the two sides discussed the development of bilateral cooperation in the fields of air transport, and the increase in the number of inter-flights between the two countries during the next stage, especially since air traffic between The UAE and South Korea witness about 500 flights per month via Emirates National Airlines, and Korean Airlines operates regular flights to Dubai.
In the same context, His Excellency Bin Touq met with HE Hee Sung Yoon, Chairman of the Board of Directors of the Korean Export-Import Bank, to discuss enhancing opportunities for economic and trade cooperation between the UAE and Korea in common fields, and supporting increased mutual investments at the government and private levels, in a way that enhances exchanges. trade between the two countries during the next stage.
During his meetings with the Korean ministers, Bin Touq reviewed a number of indicators and results achieved by the UAE economy during the year 2022, most notably the growth of the country’s gross domestic product by 7.9%, and the arrival of non-oil foreign trade for the first time in the country’s history to nearly 2.3 trillion dirhams, with a growth rate of 20%. % compared to 2021, in addition to the state’s issuance of a package of economic legislation, including new laws for cooperatives, family businesses, the commercial registry, and commercial transactions, which are achievements that support the objectives of the “We Are the Emirates 2031” vision aimed at strengthening the state’s position as a global partner and an attractive and influential economic center, in line with the objectives of the next fifty years.
His Excellency Bin Touq also invited the Korean side to attend and participate in the third edition of “Investopia”, which is scheduled to be held from February 28 to 29.
