Page 249 - MOE ENGLISH PR - MAY 2024

5/31/24, 3:51 PM UAE and South Korea sign pact to boost trade as President Sheikh Mohamed visits
The UAE seeks to boost non-oil foreign trade to more than Dh4 trillion ($1 trillion)
by 2031 amid new trade agreements with various countries and economic

diversification plans.

The country's non-oil foreign trade hit a record Dh3.5 trillion in 2023, up from

Dh2.23 trillion in 2022, as trade with its top 10 most important foreign partners
grew by 26 per cent last year.

“The UAE-[South] Korea Comprehensive Economic Partnership Agreement will

create a wealth of opportunities for our private sector, from accelerated trade
flows to investment and economic projects in key sectors such as new economy,
logistics, transport, advanced technology and renewable energy,” said Minister of

Economy Abdulla bin Touq.

Meanwhile, the Dubai Multi Commodities Centre signed an initial agreement with
the Seoul Business Agency to support start-ups and boost innovation between

the UAE and South Korea.

The partnership will focus on the expansion of South Korean start-ups in the UAE

through dedicated acceleration programmes, DMCC said on Wednesday.

“Through dedicated acceleration programmes and the pooling of knowledge and
other resources, our strategic partnership … will provide vital support for start-
ups and entrepreneurs from South Korea looking to grow from Dubai,” said

Ahmed bin Sulayem, executive chairman and chief executive of DMCC.

Updated: May 29, 2024, 9:20 PM

UAE SOUTH KOREA DUBAI ABU DHABI

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