Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade and Mr. Yeo Han-koo, South Korean Trade Minister discussed the opportunities for expanding economic and investment relations between the two countries.
In the virtual meeting, the two ministers agreed to resume negotiations on a multilateral strategic trade deal within the Gulf Cooperation Council (GCC) framework. They also agreed to make tangible efforts to embark on a new era of the two countries’ economic partnership, which includes building new prospects for business growth in their key sectors.
Dr. Al Zeyoudi highlighted the depth of strategic relations between the UAE and South Korea, which spans for more than 41 years, influenced by their leaders’ vision to boost economic partnerships at the governmental and private levels, particularly in the post-COVID-19 phase, for targeted sectors such as clean energy and future economic prospects.
Thani bin Ahmed Al Zeyoudi Minister of State Foreign Trade UAE
“The UAE is South Korea’s top Arab trading partner, accounting for about 27 percent of its total trade with other Arab nations. The volume of non-oil trade exchanges between the two countries amounted to about $1.3 billion in 2020. In the first half of 2021, their non-oil trade surged to $2.2 billion and the UAE exports to S. Korea exceeded $81.6 million, which is up 55 percent compared to the first half of 2020.”
Commenting on the partnership Korean minister explained that the two countries are working on exchanging knowledge and expertise in the fields of energy and renewables and that reaching a multilateral strategic trade agreement will be crucial in developing sustainable economic relations and addressing changes in the global supply chain, as well as supporting economic recovery efforts in the post-COVID period.
South Korea’s direct investments in the UAE amounted to about $544 million by the end of 2019, while the UAE’s South Korea-bound investments stood at $54 million by the end of 2020. Currently, there are more than 13,000 South Koreans residing in UAE who have invested in more than 1000 companies in various sectors. UAE also receives over 200,00 tourists from South Korea annually.
