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UAE and Korea discuss cooperation in food security, health, technology

UAE and Korea discuss cooperation in food security, health, technology

At the recent ‘UAE-Korea Investment Business Forum,’ Dr Thani bin Ahmed Al Zeyoudi, minister of State for Foreign Trade, discussed with Dukguen Ahn, minister for Trade of South Korea, ways of strengthening bilateral economic and commercial cooperation between the UAE and South Korea.

The discussion focused on sectors such as food security, health, technology, telecommunications, manufacturing and renewable energy.

According to state news agency WAM, the virtual ‘UAE-Korea Investment Business Forum’ was organised by the Ministry of Economy, in cooperation with the UAE Embassy in South Korea.

The event was attended by Abdullah Saif Ali Al Nuaimi, UAE ambassador to South Korea, and Lee Seok-gu, ambassador of South Korea to the UAE, along with representatives of government agencies, the private sector, business leaders, and investors from both countries.

“The value of non-oil trade between the UAE and South Korea in the first quarter of 2022 amounted to $1.3bn, a 19 per cent 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’.

Additionally, he briefed them about the comprehensive advancements of its economic legislation, which allows 100 per cent foreign ownership of companies, its flexible tax policy and its new procedures for starting a business.

Ahn said South Korea and 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. He also highlighted their governments’ keenness to enhance their future cooperation and promote mutual investments.

In other news, President of the Republic of Korea Yoon Suk Yeol met Faisal bin Farhan bin Abdullah, Saudi Minister of Foreign Affairs, during his official visit to the Republic of Korea. According to Saudi Press Agency, they reviewed bilateral relations between the two countries and ways to support and enhance them in all fields, in addition to discussing the latest regional and international developments.

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