JEJU, SOUTH KOREA, Sept. 21, 2022 — The latest trends in UAE-South Korea bilateral trade show a strong and resilient economic relationship between the two countries, according to a top UAE diplomat in Seoul. increase.
“The UAE-South Korea non-oil bilateral trade grew to $1.3 billion in the first quarter of 2022, a 19 percent increase compared to the same period last year,” said UAE Ambassador to South Korea Abdullah Saif. al-Nuaimi said. Jeju Forum for Peace and Prosperity held on Jeju Island, South Korea.
Addressing the Arab Ambassadors’ Forum, he said the UAE is the only country in the Middle East that has a special strategic partnership with South Korea, and has developed bilateral ties, especially in all areas of economy and trade.
$2 Billion Korean FDI in UAE
Bilateral cooperation between the United Arab Emirates and South Korea has been strengthened in many areas, especially in renewable energy, infrastructure, health and medicine, future-oriented technology and innovation, AlNuaimi explained. did.
The Balaka nuclear power plant and several oilfields are among the major projects South Korean companies carry out in the UAE, he said.
South Korea’s foreign direct investment (FDI) in the UAE reached US$2 billion as of 2019, diplomats said.
The UAE’s investment in South Korea reached US$637 million as of 2020, especially in key sectors such as oil and gas, real estate, automotive equipment, manufacturing, coal and entertainment, he said.
UAE as an attractive investment destination
In addition to being a regional business hub in the Middle East and a gateway to the world’s major economies, well-planned strategic steps have made the UAE an attractive investment destination, the ambassador noted. .
Avoiding more than 100 double taxation agreements and signing 67 bilateral investment agreements with the world’s major countries is a big step forward, he stressed.
Al-Nuaimi revealed that more than 40 free zones across the country, which offer many incentives for investors, are attracting large flows of FDI.
Tax exemptions, stable exchange rates, 100% business ownership without the need for a state agent, and long-term visas, including a 10-year renewable golden visa, are also attracting investors to the UAE, he said. rice field.
Along with Al-Nuaimi, the Arab Ambassadors’ Forum at this year’s Jeju Forum, held last week, was also attended by top diplomats from major Arab countries. This annual event was launched in 2001 as a platform for dialogue to share visions for peace on the Korean Peninsula, East Asia, and the world, and to seek creative solutions through international cooperation. rice field.
Organizers have been handpicked from prominent international media outlets, including The Emirates News Agency (WAM), to cover the three-day forum and the ongoing World Heritage Festival on Jeju Island, a major tourist destination in South Korea. invited a group of journalists.
Organized by the Jeju Special Self-Governing Province, the International Peace Foundation, the East Asia Foundation, and supported by the Ministry of Foreign Affairs of the Republic of Korea and the Jeju Free International City Development Center, the Jeju Forum has served as an international public forum. For the last 20 years.