- ARAB NEWS
- 03 May 2024
Since 1975
DUBAI: The UAE’s Minister of Economy Abdullah bin Touq Al-Marri recently led a delegation to electronics corporation Samsung’s headquarters in South Korea.
During the visit, the Emirati party was briefed on the company’s future expansion and investment plans, and talks took place on ways to further develop partnerships with the UAE market, the Emirates News Agency reported on Tuesday.
Al-Marri was given an insight into the advanced digital technologies used by Samsung in the creation of electrical chips, screens, and smartphones.
The UAE delegation was in the South Korean capital Seoul to participate in the eighth UAE-Korea Joint Economic Committee established with the aim of boosting economic and trade relations while also exploring opportunities for cooperation and investment links with the Korean private sector.
The minister noted that the UAE had created an attractive investment climate for the technology and new economy sectors and pointed out that the country had become a major trading and investment hub for several leading global companies.
He highlighted measures adopted by the UAE to stimulate investment and expansion in new economic sectors, recognizing their relevance in developing the future economy and achieving sustainable economic and social development.
He said that several forward-thinking pieces of economic legislation and policies had been enacted, most notably new laws on cooperatives, family businesses, business transactions, and trade records, as well as the launch of the Comprehensive Economic Partnerships program designed to strengthen ties with key global markets.
Al-Marri added: “Korean FDI (foreign direct investment) in the UAE continues to grow, totalling 8.1 billion Emirati dirhams ($2.2 billion) by the beginning of 2021 with a 73 percent growth compared to that of early 2013.
“Today, the Republic of Korea is one of the top 20 foreign investors in the UAE. Their investments span several economic and trade sectors including insurance, mining, financial services, retail, real estate, transport, energy, and technology.
“Over the past 12 months, 200 new Korean companies have entered the country’s markets, taking the total number of economic licenses obtained by Korean companies operating in the UAE to nearly 1,100, up 22 percent compared to 900 in June 2022.”
