UAE, South Korea form Agreements to Expand Economic Ties


The eighth session of the UAE-South Korea Joint Economic Committee (JEC) was recently held in Seoul, South Korea, and was chaired by H.E. Abdullah bin Touq Al Marri, Minister of Economy, and H.E. Kyungho CHOO, South Korean Deputy Prime Minister and Minister of Economy and Finance. Various government officials, investors, and business representatives from both countries attended the session.

During the next stage, both parties have agreed to strengthen and broaden economic cooperation, encouraging mutual investments across 11 strategic sectors. The primary goal of this agreement is to complete both countries' development agendas and facilitate their transition to a more adaptable and competitive economic model, with a focus on new economy sectors.

H.E. bin Touq emphasized the profound and robust ties between the UAE and the Republic of Korea, underscoring their progress towards broader levels of constructive cooperation across all levels, with the backing and guidance of the leaderships of both friendly nations. This collaboration aims to fulfil their objectives of sustainable development.

“We are proud of our strategic relationship with South Korea, spanning about 42 years. This relationship has been built upon friendship, mutual respect, and concerted efforts at both governmental and private sector levels. Undoubtedly, economic cooperation is the cornerstone of this strategic partnership, which has manifested through numerous collaborative endeavours in crucial sectors such as renewable energy, intellectual property, healthcare, technology, and agricultural technology. These projects have strengthened economic and trade cooperation between the two countries and moved it to higher levels,” H.E. said.

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