The United Arab Emirates and Korea on Wednesday discussed ways of strengthening the bilateral economic and commercial cooperation between the UAE and South Korea in food security, health, technology, telecommunications, manufacturing and renewable energy.
The virtual “UAE-Korea Investment Business Forum” organized by the Ministry of Economy, in cooperation with the UAE Embassy in South Korea was attended by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and Dukguen Ahn, Minister for Trade of South Korea.
The value of non-oil trade between the two countries in the first quarter of 2022 amounted to US$1.3 billion, a 19 percent increase compared to the same quarter last year, Al Zeyoudi said.
He also briefed the Korean business community about the commercial and investment initiatives launched by the UAE under the framework of the ”Projects of the 50” and the ”UAE Centennial 2071”. He also informed them about the comprehensive reforms in the UAE’s economic legislation, which now allows 100 percent foreign ownership of companies, its flexible tax policy that does not include income taxes, and its new procedures for starting a business.
Ahn said South Korea and the UAE enjoy a distinguished level of bilateral cooperation in economic and commercial sectors, most notably in energy and infrastructure, which has helped increase annual growth in the trade and investment exchange between the two countries.
Emirati exports to South Korea increased by 34 percent in 2021 compared to 2021, reaching $679 million while re-exports to the country also increased by 48 percent, reaching $428 million in 2021, compared to $289 million in 2020.