His Excellency Dr. Thani Al Zeyoudi, the UAE Minister of State for Foreign Trade, and Dukgeun Ahn, Minister of Trade of the Republic of South Korea, met at the Ministry of Economy headquarters in Dubai to discuss opportunities for joint investment in various priority fields, including trade, industry, real estate, insurance, health, technology, digital transformation, and food security. The meeting was attended by Lee Seok-gu, Ambassador of the Republic of South Korea to the UAE, and representatives from various South Korean government entities.
During the meeting, Dr. Al Zeyoudi emphasized the strength and vitality of the UAE’s strategic partnership with South Korea, which is continually developed and strengthened through frequent visits by high-level officials and trade delegations between the two countries.
In January of this year, South Korean President Yoon Suk Yeol visited the UAE and met with His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, to explore ways to enhance bilateral relations.
Dr. Al Zeyoudi added: “Today’s meeting is yet another step forward in elevating our trade and investment partnership to new heights. We are keen to work closely with our partners in South Korea to boost trade cooperation in various sectors that offer promising opportunities for the future.”
During the meeting, the two ministers agreed to enhance joint efforts to implement the Memorandum of Understanding (MoU) that was recently signed between the UAE Ministry of Economy and the South Korean Ministry of Trade, Industry and Energy. This agreement forms part of a series of MoUs signed between the two countries in January 2023 during the official visit of a top-level South Korean delegation to the UAE.
The MoU aims to boost trade exchanges between the two countries by facilitating import and export procedures for exporters and importers in both markets, thus creating more investment and trade opportunities for the private sector. These efforts will encourage both UAE and Korean SMEs to expand their businesses into each other’s markets, giving rise to new future-ready partnerships, according to WAM.
The UAE has announced plans to invest around $30B in South Korea in the coming years, with a focus on key economic sectors. South Korean foreign direct investment (FDI) in the UAE has grown by 73% since the beginning of 2013, totaling %2.2B as of early 2021. The majority of these investments are concentrated in finance, insurance, mining, retail, real estate, transportation, energy, and technology sectors.
Dr. Al Zeyoudi also informed the Korean delegation about the UAE’s economic policies that aim to improve the national investment environment. These policies include incentives for the private sector to invest and expand in the UAE’s markets, amendments to the Commercial Companies Law allowing for 100% foreign ownership, and upgraded residency laws designed to attract entrepreneurs, business owners, and talented individuals to enhance business growth, trade, and economic activity.
Moreover, Dr. Al Zeyoudi discussed the UAE’s progress under the Comprehensive Economic Partnership Agreement (CEPA) program, which has led to the signing of agreements with India, Israel, Indonesia, and Turkey in the past year. Negotiations under the CEPA program with other strategic markets are ongoing to enhance the UAE’s foreign trade growth and sustainability.
The meeting also highlighted the benefits and opportunities presented by the UAE’s NextGenFDI initiative. The initiative aims to develop the UAE’s technological ecosystem and inject %500M into the national economy by attracting global companies specializing in technology, digital solutions, and software to the UAE.
