UAE and Korea Aim to Strengthen their $5.3 Billion Trade Relations
The United Arab Emirates and South Korea are set to expand their substantial trade relations.
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In an ongoing effort to enhance their robust economic connections, the United Arab Emirates and South Korea are focusing on expanding their already significant trade ties, which currently stand at $5.3 billion.
This initiative was highlighted during the recent UAE-Korea Business and Investment Forum in Seoul, which coincided with the state visit of UAE President Sheikh Mohamed bin Zayed Al Nahyan.
Forum Highlights and Delegation Insights
The forum, held on the sidelines of President Sheikh Mohamed’s visit, concluded on Tuesday. It was attended by prominent figures including Dr. Thani bin Ahmed Al Zeyoudi, the UAE Minister of State for Foreign Trade. The event saw participation from an array of Emirati public and private sector leaders, reflecting a strong interest in deepening bilateral relations.
Strategic Economic Collaboration
Organized by the UAE’s Ministries of Investment and Economy, in collaboration with the UAE Embassy in Seoul and Korea’s Ministry of Trade, Industry and Energy, the forum focused on fostering trade and commercial ties. Key sectors under discussion included energy, ICT, logistics, and manufacturing, which are identified as high-growth areas for both nations.
Dr. Al Zeyoudi expressed optimism about the growth of economic ties across all major sectors, driven by the joint leadership vision of both countries. He emphasized the shared goals of promoting an open, rules-based trade environment and making strategic investments in technology.
He said: “With an advanced, digitized economy, attractive business ecosystem and world-leading manufacturing sector, Korea is a hugely important trade and investment partner for the UAE as we seek to secure a new era of growth.
“The UAE-Korea Business and Investment Forum will serve to enhance bilateral ties by promoting bilateral trade, facilitating two-way FDI, and enhancing collaboration across a range of economic sectors, including energy, advanced manufacturing, technology, food security and healthcare”.
Further cementing the ties, Dr. Al Zeyoudi invited private sectors in both countries to exploit the economic synergies available, such as superior logistics infrastructure, connectivity, ease of doing business, and specialized free zones.
He also noted the UAE’s recent $30 billion investment in Korea and the success of the Korean-built Barakah nuclear power plant in Abu Dhabi as milestones in the growing economic integration between the two nations.
InKyo Cheong, Korea’s Minister for Trade, said: “The Business Forum provides an important platform for business leaders from both countries to share insights, experiences, and objectives. It allows our private sectors to discover new opportunities for investment and cooperation and expand and strengthen economic cooperation between our two countries.
“Our government will continue to support these endeavors and work to ensure that bilateral relations produce tangible results long into the future.”
Abdulla Mohammed Al Mazrouei, Chairman of the Federation of the Chambers of Commerce and Industry, reflected on the strategic partnership saying: “The UAE and the Republic of Korea have developed a remarkable strategic partnership, fueled by closely aligned development ambitions that place knowledge and innovation at the heart of our futures, with investment in education and human resources a key priority.
“This is reflected in both increasing trade volumes and the increase in bilateral investment flows, which now span a diverse set of economic sectors, including metals, manufacturing, logistics, and information and communications technology. We look forward to expanding economic cooperation and further strengthening what is already a robust relationship.”
The discussions between Dr. Al Zeyoudi and Korean Trade Minister Inkyo Cheong in Seoul focused on strategies to expand upon the substantial non-oil trade achievements of 2023. Their conversation aimed to maintain and improve these trade levels in future years.
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Employment grew for the 16th consecutive month as companies expanded.
2 min
According to a recent PMI report, Qatar experienced its fastest non-energy sector growth in almost two years in June, driven by surges in both existing and new business activities.
The Purchasing Managers’ Index (PMI) headline figure for Qatar reached 55.9 in June, up from 53.6 in May, with anything above 50.0 indicating growth in business activity. Employment also grew for the 16th month in a row, and the country’s 12-month outlook remained robust.
The inflationary pressures were muted, with input prices rising only slightly since May, while prices charged for goods and services fell, according to the Qatar Financial Centre (QFC) report.
This headline figure marked the strongest improvement in business conditions in the non-energy private sector since July 2022 and was above the long-term trend.
The report noted that new incoming work expanded at the fastest rate in 13 months, with significant growth in manufacturing and construction and sharp growth in other sectors. Despite the rising demand for goods and services, companies managed to further reduce the volume of outstanding work in June.
Companies attributed positive forecasts to new branch openings, acquiring new customers, and marketing campaigns. Prices for goods and services fell for the sixth time in the past eight months as firms offered discounts to boost competitiveness and attract new customers.
Qatari financial services companies also recorded further strengthening in growth, with the Financial Services Business Activity and New Business Indexes reaching 13- and nine-month highs of 61.1 and 59.2, respectively. These levels were above the long-term trend since 2017.
Yousuf Mohamed Al-Jaida, QFC CEO, said the June PMI index was higher than in all pre-pandemic months except for October 2017, which was 56.3. “Growth has now accelerated five times in the first half of 2024 as the non-energy economy has rebounded from a moderation in the second half of 2023,” he said.
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