The UAE Ministry of State for Foreign Trade and South Korean Ministry for Trade, have discussed ways of strengthening the bilateral economic and commercial cooperation between the two countries in food security, health, technology, telecommunications, manufacturing and renewable energy.
Their discussion took place during the virtual “UAE-Korea Investment Business Forum” organized by the Ministry of Economy, in cooperation with the UAE Embassy in South Korea.
The event was attended by Mr. Abdullah Saif Ali Al Nuaimi, UAE Ambassador to South Korea, and Mr. 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 $1.3 billion, a 19 percent increase compared to the same quarter last year, said Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade.
Dr. Al Zeyoudi 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.
The comprehensive advancements to UAE’s economic legislation, which now allows 100 percent foreign ownership of companies, it’s flexible tax policy that does not include income taxes, and its new procedures for starting a business, all contribute to the country’s position as a global trade and investment center, Dr. Al Zeyoudi added.
Mr. Dukguen Ahn, Minister for Trade of South Korea said that 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.
