UAE – Mubasher: The UAE and South Korea agreed to expand bilateral cooperation across 11 strategic sectors during the next stage to boost the economy, according to a press release.
The two parties aim to explore further promising opportunities in the new economic sectors and facilitate their transition toward a more adaptable and competitive economic model.
This came within the framework of the eighth session of the UAE-South Korea Joint Economic Committee (JEC) that was recently held in Seoul.
Meanwhile, the UAE and South Korea will broaden their economic collaboration in green economy and clean energy, small and medium-sized enterprises (SMEs), tourism, space, intellectual property (IP), as well as information and communication technology (ICT).
They will also join forces in nuclear energy, investment, healthcare, water resources, and smart farming, in addition to new Industries and smart infrastructure.
Abdullah bin Touq Al Marri, the UAE’s Minister of Economy, commented: “Economic cooperation is the cornerstone of this strategic partnership, which has manifested through numerous collaborative endeavours in crucial sectors such as renewable energy, intellectual property, healthcare, technology, and agricultural technology.”
“These projects have strengthened economic and trade cooperation between the two countries and moved it to higher levels,” Al Marri added.
Kyungho CHOO, the Korean Deputy Prime Minister and Minister of Economy and Finance, highlighted the importance of fostering economic and trade relations in new economic sectors during the next phase, which will support the future sustainable economic development of the two friendly nations.
As of 2022, the UAE is regarded as South Korea’s second-largest trade partner in the GCC and the Arab regions. The UAE-Korean non-oil foreign trade recorded $5.30 billion by 2022 end, an annual rise of over 14%.
During the first two months (2M) of 2023, trade exchanges between the two nations exceeded $917 million.
Furthermore, the UAE's exports to Korean markets jumped by 35% year-on-year (YoY) in January–February 2023.
The UAE's investments in Korea are expected to see a qualitative shift after the country announced plans to inject $30 billion into the Asian Republic to drive key areas to bolster strategic cooperation.
