Finance ministers of Korea, UAE discuss bilateral cooperation

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho, left, and UAE Minister of Economy Abdulla Bin Touq Al Marri sign agreed minutes during the eighth round of the joint economic committee meeting at Lotte Hotel in downtown Seoul, Thursday. The two ministers discussed follow-up measures on the UAE's planned investment of $30 billion in line with an agreement on strategic cooperation reached at the Korea-UAE summit in January. Courtesy of Ministry of Economy and Finance

Korea, UAE agree to accelerate $30 bil. investment planned by UAE

By Yi Whan-woo

The finance ministers of Korea and the United Arab Emirates (UAE) met in Seoul, Thursday, to discuss follow-up measures on the UAE's planned investment of $30 billion here.

The UAE plans to invest $30 billion over the next few years in areas of strategic cooperation, in line with an agreement reached between leaders of the two countries in their summit in January.

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho and UAE Minister of Economy Abdulla Bin Touq Al Marri shared thoughts on ways to speed up the UAE's investment as they led the eighth round of the joint economic committee meeting at Lotte Hotel in downtown Seoul.

The two ministers agreed to bolster cooperation between the Export-Import Bank of Korea (Eximbank) and the Investment Corporation of Dubai, and pursue joint projects around hydrogen and other renewable energies, smart cities and eco-friendly construction, among other strategic industries.

They also agreed to sign a memorandum of understanding between Eximbank and Abu Dhabi Exports Office (ADEX), to help Korean exporters to win projects in the UAE, to share relevant trade data between the two countries and to host joint business seminars.

“Minister Choo suggested enhancing the discussion on future growth engines to take the bilateral relations to a higher level,” the finance ministry said. “He deemed the Thursday's dialogue thus will be helpful in deepening economic cooperation between the two countries.