In this file photo, President Yoon Suk Yeol (L) shakes hands with United Arab Emirates Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan on Jan. 14, 2023, after arriving at Abu Dhabi International Airport for a state visit. (Yonhap)
SEOUL, May 22 (Korea Bizwire) — Business organizations of the United Arab Emirates (UAE) are currently reviewing US$2 billion worth of investment projects in South Korea, covering various sectors from energy to culture, Seoul’s finance ministry said Monday.
The review came after President Yoon Suk Yeol and UAE President Mohamed bin Zayed Al Nahyan met in January, when the Middle East nation announced its decision to invest US$30 billion in South Korea.
The delegation, including officials from four UAE state-owned funds, visited South Korea from Monday to Tuesday last week to explore business opportunities in sectors, including energy and biotechnology, according to the Ministry of Economy and Finance.
Other areas of interest covered communication, agricultural technology, aerospace and “K-Culture,” the ministry said in a joint statement with Korea Development Bank (KDB) and UAE-based Mubadala Investment Company.
“To-date, Abu Dhabi organizations have helped identify approximately $2 billion of potential investment opportunities in Korea,” the joint statement read.
“(Mubadala and KDB) also signed a Memorandum of Understanding establishing the Korea Sovereign Investment Partnership, which will serve as the mechanism for coordinating the UAE’s collective investment in Korea.”
The finance ministry added that large-scale funds will reach prominent South Korean startups and venture companies, noting the investment will help the businesses grow to the next level.
Meanwhile, the combined amount of trade between South Korea and the UAE, excluding the oil sector, came to $5.3 billion in 2022, up 14 percent from a year earlier, the finance ministry said.
(Yonhap)
