UAE reaffirms commitment to invest $30bn in South Korea to expand economic cooperation

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According to WAM, the UAE has reaffirmed its commitment to invest $30bn in South Korea across various economic sectors in the coming years, as the two countries seek to expand their economic cooperation. During his meeting with his South Korean counterpart, Dr Thani Al Zeyoudi, the Minister of State for Foreign Trade, explored investment opportunities in industries such as trade, industry, real estate, insurance, health, technology, digital transformation, and food security. The minister also highlighted the strong strategic partnership between the UAE and South Korea, with the non-oil trade between the two countries amounting to nearly $5.3bn in 2022, up 14% from the previous year.

The two countries recently signed an MoU to facilitate import and export procedures and boost trade exchanges, which aims to create more investment and trade opportunities for SMEs and startups. The UAE has been actively seeking to establish free trade agreements with other countries beyond the Middle East, with recent agreements signed with India, Israel, Turkey, and Indonesia.