Biz leaders of S. Korea, UAE discuss enhancing bilateral economic, biz partnership


Business leaders from South Korea and the United Arab Emirates recently met to explore opportunities for strengthening economic cooperation and fostering business partnerships in emerging industries such as clean energy and ICT. The Korea-UAE Business Investment Forum, which took place in Seoul during the state visit of UAE President Mohamed bin Zayed Al Nahyan, brought together approximately 200 government officials and business leaders, including South Korean Trade Minister Cheong In-kyo and UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi. During the event, discussions revolved around the evolution of the countries' cooperation, with a focus on strategic partnerships and the potential for growth in various sectors. The forum highlighted the transformation of the South Korea-UAE partnership from its origins in developing plants and oil fields to its current status as a special strategic partnership, exemplified by the Barakah Nuclear Power Plant in Abu Dhabi, which represents a significant collaboration between the two nations. With bilateral trade between the countries reaching $20.8 billion in 2023, the event emphasized the expansion of cooperation beyond traditional areas, such as energy and infrastructure, and into new industries, as demonstrated by the Comprehensive Economic Partnership Agreement signed in October the previous year. The Korea Chamber of Commerce and Industry expressed optimism that the forum would contribute to deepening bilateral cooperation and expanding exchanges in these new industries.


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