Trade chiefs of S. Korea, UAE discuss deeper ties in trade, investment

Top trade officials of South Korea and the United Arab Emirates on Wednesday discussed ways to make tangible results of their economic cooperation drive and to deepen ties in bio, digital and other new industry sectors, Seoul's industry ministry said.

Trade Minister Ahn Duk-geun held the inaugural meeting of the bilateral Trade and Investment Promotion Framework (TIPF) with UAE's foreign trade minister, Thani bin Ahmed Al Zeyoudi, in the Middle Eastern country, as he visited there for a two-day stay starting Wednesday to check the implementation of joint projects agreed upon during the summit talks early this year, according to the Ministry of Trade, Industry and Energy.

In January, President Yoon Suk Yeol visited Abu Dhabi, where he secured investment pledges totaling around US$6.1 billion, including 48 business contracts on a wide range of industry sectors, including energy, defense, hydrogen and bio.

During Wednesday's meeting, Ahn called for active consultations to support the agreements, and ways to work more closely on pharmaceutical, medical appliances, the overall bio industry and the digital economy, in particular, the ministry said.

He also suggested the establishment of a bilateral regulatory dialogue to discuss halal standards, as South Korean companies cite the lack of information on the halal regulations as a major obstacle to their businesses in the UAE market, it added.

Ahn then held a separate meeting with Suhail Mohamed Al Mazrouei, the UAE's energy minister, and discussed expanded investment and cooperation on energy, infrastructure, hydrogen and other renewable energy fields.

"The two sides shared the need for closer cooperation on oil field development, nuclear power generation and renewable energy, as well as joint responses to energy security and climate changes amid growing uncertainties in the global oil and gas market," the ministry said in a release.

On Thursday, Ahn will attend the South Korea-UAE business roundtable meeting, which will bring together companies involved in joint projects, including Samsung Engineering Co. and Doosan Enerbility Co., it added.

Source: Yonhap News Agency

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