Crown Prince Khaled Bin Mohamed And President Lee Jae-myung Strengthen Economic Cooperation Between UAE And Korea

H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, and Lee Jae-myung, President of the Republic of Korea, participated in a roundtable in Abu Dhabi. The meeting aimed to enhance economic ties between the UAE and Korea. Organised by the Ministry of Foreign Trade, Abu Dhabi Chamber of Commerce and Industry, and Federation of Korean Industries, it gathered ministers and industry leaders from both countries.

H.H. Sheikh Khaled warmly welcomed President Lee and his delegation to the UAE. He expressed hopes for the visit's success in strengthening bilateral relations. The Crown Prince emphasised that under its leadership's vision, the UAE is committed to fostering partnerships that drive mutual economic growth with nations sharing similar development goals.

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The UAE aims to expand trade and investment ties with Korea. H.H. Sheikh Khaled highlighted that international cooperation is crucial for achieving shared ambitions of sustainable development. He noted that exploring partnership opportunities in promising sectors is vital for realising these goals.

The strategic partnership between the UAE and Korea has progressed rapidly due to shared interests and agreements like the Comprehensive Economic Partnership Agreement (CEPA), signed in May 2024. This agreement marks a new phase in bilateral economic cooperation by removing trade barriers and expanding public-private sector partnerships.

The roundtable featured discussions on investment opportunities in both markets to strengthen economic relations. The UAE delegation encouraged Korean businesses to explore the UAE's competitive investment environment, especially in the industrial sector undergoing transformation under Operation 300bn strategy.

This strategy aims to boost the industrial sector's contribution to GDP from AED133 billion to AED300 billion by 2031. Bilateral meetings between Emirati and Korean companies were also held to advance sector-specific investment cooperation.

Trade Growth Between Nations

Non-oil trade between the UAE and Korea continues to grow steadily. In 2024, trade reached US$6.6 billion, an increase of 11.4% compared to 2023, with further growth compared to previous years. The first half of 2025 saw trade reaching US$3.14 billion, indicating ongoing momentum.

The meeting included key figures from both sides. On the UAE side were Khaldoon Khalifa Al Mubarak, Mohamed Hassan Alsuwaidi, Dr. Thani bin Ahmed Al Zeyoudi, Saeed Mubarak Al Hajeri, and Saif Saeed Ghobash alongside senior officials and business leaders from various sectors.

Korean representation included senior officials from President Lee’s delegation and representatives from key sectors in Korea. Both sides presented overviews of investment enablers available in their markets as part of efforts to reinforce bilateral economic relations.

The solid strategic partnership serves as an exemplary model of international relations due to rapid progress achieved through mutual interests and comprehensive agreements binding them together.

With inputs from WAM