UAE to invest $30 billion in South Korea over the next few years

Meeting explores joint investment opportunities in several priority fields

By Wam

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Published: Thu 16 Mar 2023, 12:18 AM

Last updated: Fri 24 Mar 2023, 11:29 AM

Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, held a meeting with Dukgeun Ahn, Minister of Trade of the Republic of South Korea, at the Ministry of Economy headquarters in Dubai.

The meeting explored joint investment opportunities in several priority fields including trade, industry, real estate, insurance, health, technology, digital transformation and food security. The meeting took place in the presence of Lee Seok-gu, Ambassador of the Republic of South Korea to the UAE, in addition to representatives of several South Korean government entities.

During the meeting, Al Zeyoudi underlined the strength and vitality of the UAE’s strategic partnership with South Korea, which is the result of both governments’ commitment to continuously develop and strengthen it.

“The trade and economic relations between the UAE and South Korea are witnessing continuous growth. Non-oil trade between the two countries totalled nearly Dh19.5 billion ($5.3 billion) in 2022, up 14 per cent from 2021. Also, the UAE exports to South Korea grew by 17.5 per cent last year to exceed Dh2.8 billion ($781 million), while our re-exports to South Korea totaled Dh1.3 billion ($367 million,” said UAE to invest USD30 billion in South Korea over the next few years.

He 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.

The UAE also plans to invest nearly $30 billion in South Korea over the next few years, covering a number of important economic sectors. South Korean FDI in the UAE totalled $2.2 billion up until the beginning of 2021, reflecting a 73 per cent growth compared to the beginning of 2013. These investments are mostly concentrated in finance, insurance, mining, retail, real estate, and transportation, energy and technology sectors.

Furthermore, Al Zeyoudi apprised the Korean delegation of the economic policies adopted by the UAE to enhance its national investment environment. These include incentives and enablers to encourage the private sector to invest and expand in the country’s markets, amendments to the Commercial Companies Law that allowed 100 per cent foreign ownership in the country, and upgraded residency laws designed to attract business owners, entrepreneurs and talents, and to enhance the growth of business, trade and economic activities.

Moreover, Al Zeyoudi elaborated on the UAE’s achievements under the Comprehensive Economic Partnership Agreement (CEPA) programme, which has resulted in the signing of four agreements with India, Israel, Indonesia and Turkey in the last 12 months.

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