UAE-Korea Business And Investment Forum In Seoul Strengthens Bilateral Trade, Investment Ties

Today marked the conclusion of the UAE-Korea Business and Investment Forum in Seoul, Korea, coinciding with President His Highness Sheikh Mohamed bin Zayed Al Nahyan's official visit to the Republic of Korea. The event saw the participation of Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, along with an economic delegation of Emirati public- and private-sector representatives.

Organised by the UAE's Ministries of Investment and Economy, in collaboration with the UAE Embassy in Seoul and Korea’s Ministry of Trade, Industry and Energy, the Forum aimed to enhance trade and commercial relations between the two nations. Key sectors of focus included energy, ICT, logistics, and manufacturing.

Dr. Al Zeyoudi highlighted the robust growth in economic ties between the UAE and Korea across major sectors. He emphasised the shared vision for open, rules-based trade, strategic investment, and technological development. "With an advanced, digitised economy, attractive business ecosystem and world-leading manufacturing sector, Korea is a hugely important trade and investment partner for the UAE," he stated.

The Forum aims to promote bilateral trade, facilitate two-way foreign direct investment (FDI), and enhance collaboration across various economic sectors such as energy, advanced manufacturing, technology, food security, and healthcare. Dr. Al Zeyoudi invited private sectors in both nations to capitalise on their economic synergies.

The UAE has committed US$30 billion in investments to Korea. Dr. Al Zeyoudi cited the success of the Korean-built Barakah nuclear power plant in Abu Dhabi as evidence of growing economic integration. InKyo Cheong, Korea's Minister for Trade, noted that the Forum provides a platform for business leaders from both countries to share insights and discover new opportunities for cooperation.

Abdulla Mohammed Al Mazrouei, Chairman of the UAE Federation of the Chambers of Commerce and Industry, praised the strategic partnership between the UAE and Korea. He highlighted increasing trade volumes and bilateral investment flows across diverse sectors such as metals, manufacturing, logistics, and ICT.

Key Discussions

While in Seoul, Dr. Al Zeyoudi held talks with Korean Minister of Trade InKyo Cheong to discuss ways to build on the US$5.3 billion in non-oil trade shared in 2023. The meeting was attended by Al Mazrouei and Juma Mohammed Al Kait, Assistant Under-Secretary at the UAE Ministry of Economy for Foreign Trade Affairs.

The Forum hosted over 250 public- and private-sector representatives and featured three main sessions: ‘Exploring Clean Energy Partnerships’, ‘Bridging Innovation in ICT and Telecoms’, and ‘Streamlining Trade: Logistics, Manufacturing and Free Trade’. A Memorandum of Understanding (MoU) was signed between the UAE’s TECOM Group and Korea’s Meditox to enhance cooperation in areas of mutual interest.

Future Prospects

The visiting delegation included over 60 participants from senior federal and local government officials to representatives from major UAE companies operating in various sectors such as logistics, industry, energy, technology, healthcare, environment, agriculture, food security, and financial services.

The Forum underscored its role as a platform for bilateral collaboration aimed at delivering long-lasting benefits for both economies. The continued support from both governments is expected to ensure that these bilateral relations produce tangible results well into the future.

With inputs from WAM