Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.
UAE trade minister says Korea Pavilion is testament to economic cooperation
Thani Ahmed Al-Zeyoudi, center, Minister of State for Foreign Trade of the United Arab Emirates (UAE), joins Korea Trade-Investment Promotion Agency (KOTRA) President and CEO Yu Jeoung-yeol, right, and Mubarak Al Nakhi, the UAE's Undersecretary of Culture and Knowledge Development, during the opening ceremony of the Korea Pavilion at Expo 2020 Dubai, Oct. 1. Courtesy of KOTRA
By Yi Whan-woo
By Yi Whan-woo
DUBAI _ The top trade official of the United Arab Emirates (UAE) has said that the opening of the Korea Pavilion at Expo 2020 Dubai, Oct. 1, is a “testament” to bilateral ties that were elevated to a special strategic partnership in 2018.
During the opening ceremony of the pavilion, Oct. 1, Minister of State for Foreign Trade of the UAE Thani Ahmed Al-Zeyoudi noted that the two countries are transitioning toward digital and knowledge-driven economies, and that their bilateral relationship could expand further.
“As the UAE and South Korea look to build upon our bilateral economic relationship, Expo 2020 Dubai is poised to create significant value and accelerate joint economic efforts by driving the exchange of ideas, knowledge and expertise between our two countries,” the minister said during the ceremony.
He expressed hope that the expo will bolster shared efforts in renewable energy, technology and other sectors, as well as in overcoming the challenges faced by the global supply chain.
Bilateral cooperation in trade and investment has grown from the energy to the non-energy fields.
This trend resulted in non-oil trade between the two sides amounting to more than $2 billion in the first half of 2021.
In particular, the UAE's non-oil exports to Korea surged 55 percent year-on-year and reached $300 million in the first half of 2021.
“This places the UAE as the South Korea's top non-oil trading partner in the Arab world,” the minister said.
He added that the UAE accounts for more than 27 percent of Korea's trade with Arab nations, and therefore reflects “the trust and value we place upon on South Korean products and services.”
“The UAE believes there is immense opportunity to create a more resilient and sustainable future through trade and investment, and we look forward to working more closely with the South Korean government and business community on this front,” he said.