Page 238 - MOE ENGLISH PR - MAY 2024

5/31/24, 3:19 PM UAE Ministers and officials praise comprehensive economic partnership agreement between UAE and South Korea

The agreement aims to increase the free flow of trade between the two countries and open

investment pathways in vital sectors. The signing of the agreement is part of the UAE's

plans to double its non-oil foreign trade to reach AED 4 trillion and increase exports to AED
800 billion by 2031.

His Excellency Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affair

“The Ministry of Finance is keen to strengthen the UAE’s strategic relations across the
world as we seek to build policies and partnerships to confront the challenges facing the

global economy. The UAE’s Comprehensive Economic Partnership Agreement with the

Republic of Korea is another important tool in our armoury, one that will spur further
diversification, promote economic inclusion and attract investments into sectors of critical

national interest – such as renewable energy and food security. Korea’s advanced
economy, which has just posted a record trade surplus, presents an important partner for

the UAE and we are ready to fully embrace its possibilities.”

His Excellency Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure
said: “The Comprehensive Economic Partnership Agreement between the United Arab

Emirates and the Republic of Korea reflects the robust trade and investment ties between
our nations – which includes increasing collaboration in renewable energy and its

associated infrastructure. The Barakah Nuclear Energy Plant in Abu Dhabi, which was

designed, built and operated by Korean energy firms, is the most conspicuous example,
while the UAE has now committed to investing US$30 billion in the Korean economy, with

renewable energy and advanced technology among the sectors earmarked. As Korea

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