UAE-South Korea bilateral trade grows 19% to $1.3b in Q1 2022: UAE Envoy – News


The UAE is the only country in the Middle East that has a special strategic partnership with South Korea, which has helped expand bilateral ties in all areas, especially economics and trade



According to Abdulla Saif AlNuaimi, the UAE's ambassador to South Korea, more than 40 free trade zones across the country, which offer many incentives for investors, have attracted a huge flow of foreign direct investment.

According to Abdulla Saif AlNuaimi, the UAE’s ambassador to South Korea, more than 40 free trade zones across the country, which offer many incentives for investors, have attracted a huge flow of foreign direct investment.

From Wam

Released: Wed 09/21/2022, 5:35 p.m

The recent trend in bilateral trade between the UAE and South Korea demonstrates the strong and robust economic ties between the two countries, according to the UAE’s top diplomat in Seoul.

“Bilateral non-oil trade between the UAE and South Korea grew to US$1.3 billion in the first quarter of 2022, up 19 percent compared to the same period last year,” said Abdulla Saif AlNuaimi, UAE Ambassador in South Korea Jeju Forum for Peace and Prosperity on Jeju Island in South Korea.

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Speaking at 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, which has helped expand bilateral ties in all areas, especially economics and trade.

$2 billion Korean FDI in UAE

Bilateral cooperation between the UAE and South Korea is improving in many areas, particularly in renewable energy, infrastructure, health and medicine, future-oriented technology and innovation, AlNuaimi said.

The Barakah nuclear power plant and several oil fields are the most important projects of South Korean companies in the United Arab Emirates, he noted.

South Korean foreign direct investments (FDIs) in the UAE totaled US$2 billion in 2019, the diplomat revealed.

UAE investment in South Korea totaled US$637 million in 2020, particularly in key sectors like oil and gas, real estate, automotive equipment, manufacturing, coal and entertainment, he said.

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UAE as an attractive investment destination

Besides being the regional business hub in the Middle East and a gateway to the world’s major economies, the well-planned strategic measures have made the UAE an attractive investment destination, the Ambassador pointed out.

Over 100 agreements to avoid double taxation and 67 bilateral investment agreements with major nations of the world have been a big step, he emphasized.

More than 40 free trade zones across the country, offering plenty of incentives for investors, have attracted a huge flow of foreign direct investment, AlNuaimi revealed.

Tax exemptions, stable exchange rates, 100 percent business ownership without the need for a national representative, long-term visas that include a 10-year renewable golden visa are also attracting investors to the UAE, he said.

Along with AlNuaimi, top diplomats from major Arab countries also attended the Arab Ambassadors’ Forum at this year’s Jeju Forum held last week. The annual event was established in 2001 as a platform for dialogue to share visions for peace in the Korean Peninsula, East Asia and the world, and to seek creative solutions through international cooperation.

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The organizers invited a select group of journalists from prominent overseas media outlets, including Emirates News Agency (WAM), to cover the three-day forum and the ongoing World Heritage Festival in Jeju Island, a major tourist destination in South Korea.

Hosted by the Jeju Special Self-Governing Province, the International Peace Foundation and the East Asia Foundation, and sponsored 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 past two decades. — warning



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