Ways to boost UAE-South Korea trade relations in emerging sectors explored

Abu Dhabi / WAM

Sultan bin Saeed Al Mansouri, UAE Minister of Economy and Chairman of Dubai Islamic Economy Development Centre (DIEDC), received a high-ranking delegation from South Korea, led by Kim Dong-yeon, Minister of Strategy and Finance and Deputy Prime Minister.
The meeting, held at the Dubai headquarters of the UAE Ministry of Economy, explored ways of enhancing synergies between the two countries and boosting trade and economic ties in emerging sectors, as well as opportunities for collaboration across all areas of Islamic economy.
Also present at the meeting were Abdulla Mohammed Al Awar, CEO of DIEDC, Abdulla Sultan Alfan Alshamsi, Assistant Under-Secretary for Industrial Affairs at the UAE Ministry of Economy, and Abdullah Saleh Al Hammadi, Head of the Tourism Department at the UAE Ministry of Economy.
The meeting highlighted the significance of the official visit by South Korean President Moon Jae-in to the UAE, that is currently underway. The two parties also discussed the diverse existing partnerships between the UAE and Korea, specifically those in the field of innovation, small and medium-sized enterprises (SMEs), and intellectual property.
The attendees examined plans to expand bilateral relations through focusing on high-priority sectors of common interest. They also reviewed the key role of the UAE-Korea Economic Joint Committee, which held its sixth meeting in Seoul in February 2018, in diversifying partnerships to include sectors such as renewable energy, civil aviation, infrastructure, manufacturing, healthcare, and education.
During the meeting, Korean officials were briefed on the Islamic economy and the promising opportunities it offers, the UAE’s strides in developing its capabilities in the field, as well as areas of potential partnership, particularly in the halal and Islamic finance space.
Speaking on the visit, Sultan Al Mansouri said, “Bilateral ties between the UAE and South Korea have always been very strong, and today our two nations are ready to take their relationship to the next level with a strategic partnership based on shared interests that focus on achieving our ambitious development goals.”

In this context, he referred to the bolstering of bilateral relations during the meeting of the UAE-Korea Economic Joint Committee in Seoul in February 2018.
Al Mansouri added that in light of the notable economic growth of the two countries, there is always room for new opportunities to expand cooperation. He pointed out that the Islamic economy has the potential to initiate a new phase of partnership, especially given the growing global demand for halal products and Islamic financial services.

Furthermore, he expressed the importance of starting a fruitful dialogue between DIEDC and relevant South Korean entities to share the UAE’s rich experience and best practices in this vital field.

He added that there are growing prospects for cooperation with South Korea in the SMEs and entrepreneurship field, and for developing new channels of communication and exchange of knowledge about the success of Korean start-ups and innovation-based projects. He reiterated the importance of stepping up joint efforts to boost the growth of fintech and the implementation of emerging technologies in the financial sector.

Kim Dong-yeon said that the productive collaboration between the two countries has witnessed a remarkable expansion to include a wide variety of sectors, noting that President Moon Jae-in’s visit to the UAE reflects his country’s ambition to develop strategic relations with the UAE.

He highlighted South Korea’s desire to benefit from the UAE’s expertise through exchanging best practices, knowledge, and experience in areas of shared interest, and expressed interest in exploring opportunities for cooperation in the Islamic economy. He also pointed out the merits of Islamic finance, specifically sukuk, as a key sector in advancing Islamic economy, adding that South Korea is examining the legislative requirements for entering the field.