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ABU DHABI / WAM
The 5th UAE-Korea Economic Joint Committee concluded on Monday in Abu Dhabi. The two-day event focused on enhancing economic cooperation in sectors such as high technology, innovation, small and medium-sized enterprises (SMEs), industry and tourism of mutual importance to the economic policies and plans of the two countries.
Sultan bin Saeed Al Mansouri, UAE Minister of Economy, led the UAE delegation, while the delegates from the Republic of Korea (ROK) were headed by Ilho Yoo, Deputy Prime Minister and Minister of Strategy and Finance.
The most significant outcome of the committee meeting was the signing of three key Memorandums of Understanding. The first covers a Knowledge Sharing Program (KSP) on SME and Innovation between the UAE Ministry of Economy and the ROK Ministry of Strategy and Finance, while the second involves the secondment of IT experts from the Korean Intellectual Property Office (KIPO) to the UAE Ministry of Economy in line with the latter’s program for industrial property. The third is a Joint Development Agreement (JDA) on seawater desalination between Korea Agency for Infrastructure Technology Advancement (KAIA) and MASDAR.
Al Mansouri gave a speech welcoming the Korean delegation and commending the productive bilateral relations between their countries. He noted how their commercial exchange for 2015 was able to reach USD 8.5 billion – inclusive of free zone activities – despite a slowdown in global economic growth.
The Minister added that South Korea’s economic development, especially in the sectors of industry, modern technology and innovation, is a model worth taking advantage of in terms of experience and knowledge exchange. He also emphasized the productive cooperation of their countries which has turned the UAE into South Korea’s largest trading partner in the MENA region and its second largest oil supplier.