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S. Korean, UAE firms seek to strike US$5 mln deals: trade ministry

Economy 15:00 March 16, 2023

SEOUL, March 16 (Yonhap) -- South Korea's industry ministry said Thursday it has hosted a business session in the United Arab Emirates (UAE) where companies of both countries sought deals worth US$5 million.

The latest event came as Seoul and Abu Dhabi aim to bolster ties after the Middle East nation vowed to invest $30 billion in South Korea in the nuclear power, arms and energy sectors during a bilateral summit in January, according to the Ministry of Trade, Industry and Energy.

The event invited 11 South Korean firms from various sectors, including nuclear energy, defense and smart-farming industries, along with around 30 UAE counterparts, the ministry said.

The two countries also hosted a separate event in the UAE for businesses to sign one contract in the defense sector, along with four other memorandums of understanding, it added.

"The global economic slowdown and inflation cannot be solved by a single nation or a single corporation," Trade Minister Ahn Duk-geun said in a statement, suggesting South Korea wishes to expand ties with the UAE, which has strength in the financial and logistics sectors.

On the previous day, Ahn held the inaugural meeting of the bilateral Trade and Investment Promotion Framework with UAE's foreign trade minister, as he visited there for a two-day stay starting Wednesday to check the implementation of joint projects agreed upon during the summit.


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