korean business
Yoon Suk-yeol, President of the Republic of Korea, addresses the forum in Abu Dhabi. Image Credit: WAM

Abu Dhabi: UAE and South Korea signed as many as 23 agreements during a forum organised to bring businesses in the two countries closer together and mutually benefit from each other’s expertise.

Attending the UAE-Korea Business Forum in Abu Dhabi, Yoon Suk-yeol, President of the Republic of Korea, encouraged Emirati investors to benefit from Korean investment opportunities and expertise in vital sectors, affirming his country’s commitment to enhancing economic cooperation and partnerships with the UAE, its strategic partner in the Middle East.

The forum, attended by Abdullah bin Touq Al Marri, Minister of Economy; Ahmed Ali Al Sayegh, Minister of State; Abdulla Mohamed Al Mazrui, Chairman of UAE Chambers and Abu Dhabi Chamber, also included presentations by several officials from both countries on significant investment opportunities in several vital sectors, as well as bilateral meetings.

Al Marri stated: “The UAE and Korea have always shared warm and friendly ties, and the vitality of our relationship is reflected in the increased trade volume between our countries, the rise in investment flows and the movement of people, professionals and entrepreneurs. For example, in 2022, there was a 20.4 per cent growth in the volume of non-oil trade exchanges between the two countries during the first nine months of the year compared to the same period in 2021, reaching almost $4 billion.

“At the same time, UAE’s non-oil exports to Korea grew from $450 million in the first nine months of 2021 to $560 million in the first nine months of 2022 - an impressive 24 per cent growth, while re-exports witnessed 14 per cent growth.”

“The Korea-UAE Business Forum is an excellent opportunity to discuss the strengthening of the existing economic partnership between the UAE and South Korea in the coming stage, at a time when the global economy is undergoing important changes and the UAE is accelerating its transition to a new economic model,” he added.

In his opening speech, Abdulla Mohamed Al Mazrui said: “The forum represents an exceptional opportunity for participants from the public and private sectors to exchange experiences, explore opportunities for cooperation, and build strategic partnerships in sectors of common interest.”

He also highlighted the two countries’ plans to shape a better future and build upon the unique achievements in various vital economic sectors, including energy, infrastructure, biology, medicine, space, defence, and future technology.”