UAE and South Korea agree to expand their trade relations

On Thursday, the United Arab Emirates and South Korea pledged to expand bilateral economic relations, amid global change in supply chains and digital transformation, as they elaborated on the $30 billion investment pledged earlier by the United Arab Emirates.

According to media, the eighth session of the South Korean-United Arab Emirates Economic Commission came six months after the UAE revealed its decision to invest the sum in South Korea, focusing on the energy and biotechnology sectors, during a summit between President Yun Seok-Yul and President Mohammed bin Zayed Al Nahyan.

“South Korea and the United Arab Emirates are building a mutually beneficial and confident economic relationship,” Finance Minister Zhou Kyung-ho said during a committee meeting in Seoul, with his Emirati counterpart Abdullah Ben Touq al-Marri, adding, “We must create another success story against the backdrop of South Korea’s capabilities in advanced industries and Uinvestments.”

During the meeting, countries pledged to expand cooperation between SMEs, particularly those in the biotechnology sector.