UAE-Korea Business Forum discusses economic cooperation and investment opportunities

UAE-Korea Business Forum discusses economic cooperation and investment opportunities

ABU DHABI, 17th January, 2023 (WAM) -- Abu Dhabi Chamber of Commerce and Industry, in cooperation with the Korea International Trade Association (KITA), has organised the UAE-Korea Business Forum, which was attended by President Yoon Suk Yeol of the Republic of Korea.

During the Forum, the Korean President 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.

As part of the Forum, 23 agreements between the two parties were signed to enhance cooperation. The Forum also included presentations by several officials from both countries on significant investment opportunities in several vital sectors, as well as bilateral meetings.

The Forum was 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; and a number of Abu Dhabi Chamber board members.

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% 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 US$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% growth, while re-exports witnessed 14% 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, Chairman of Abu Dhabi Chamber, 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."

Christopher Koo, Chairman of the Board of Directors of KITA, said that the Republic of Korea is confident that it will become one of the top economic cooperation partners of the UAE, "a country that we are very proud of our relations with".

For more than 40 years now, the two countries have built trust and collaborated on major projects, including the launch of the Korea-UAE Private Economic Cooperation Committee to drive comprehensive development of the two countries."

The Forum was also attended by senior officials and representatives of the private sector from both sides, who discussed ways to enhance trade relations and diversify economic cooperation between the UAE and South Korea.