UAE-South Korea Joint Economic Committee explores cooperation in growth sectors

By Arya M Nair, Official Reporter
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UAE-Korea JEC session

The eighth session of the UAE-South Korea Joint Economic Committee (JEC) – which was chaired by H.E. Abdullah bin Touq Al Marri, Minister of Economy, and H.E. Kyungho CHOO, South Korean Deputy Prime Minister and Minister of Economy and Finance, has explored mutual cooperation in growth sectors.

The session was attended by various government officials, investors, and business representatives from both countries. Both sides have reached an agreement to enhance and broaden economic collaboration, encouraging mutual investments across strategic sectors during the next stage.

The primary objective of this agreement is to accomplish the development agenda of both countries and facilitate their transition towards a more adaptable and competitive economic model, focusing on the sectors of the new economy.

Abdullah bin Touq Al Marri_UAE-South Korea JEC session
Abdulla bin Touq Al Marri
UAE Minister of Economy

“We are proud of our strategic relationship with South Korea, spanning about 42 years. This relationship has been built upon friendship, mutual respect, and concerted efforts at both governmental and private sector levels. Undoubtedly, economic cooperation is the cornerstone of this strategic partnership, which has manifested through numerous collaborative endeavors in crucial sectors. These projects have strengthened economic and trade cooperation between the two countries and moved it to higher levels.”

They focused on the agreements derived from the session, particularly in sectors such as energy, investment, trade, climate change, agriculture, water resources, emerging industries, smart infrastructure, healthcare, intellectual property, tourism, space, and SMEs.

H.E. bin Touq emphasized the profound and robust ties between the UAE and the Republic of Korea, underscoring their progress towards broader levels of constructive cooperation across all levels, with the backing and guidance of the leadership of both friendly nations. This collaboration aims to fulfill their objectives of sustainable development.

H.E. Kyungho CHOO, Deputy Prime Minister and Minister of Economy and Finance pointed to the depth and strength of relations between South Korea and the UAE. H.E. CHOO asserted the importance of strengthening economic and trade relations in new economic sectors during the next phase, which will support the future sustainable economic development of the two friendly nations.

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