A total of three memoranda of understanding (MoU) were signed by the UAE and South Korea for cooperation in different sectors at the 5th UAE-Korea Economic Joint Committee which concluded yesterday (May 30) in Abu Dhabi, UAE.

The two-day event focused on enhancing economic cooperation in sectors such as high technology, innovation, small and medium-sized enterprises (SMEs), industry and tourism of mutual importance to the economic policies and plans of the UAE and South Korea, said a statement.

The first deal covers a Knowledge Sharing Programme (KSP) on SME and Innovation between the UAE Ministry of Economy and the South Korean Ministry of Strategy and Finance, while the second involves the secondment of IT experts from the Korean Intellectual Property Office (KIPO) to the UAE Ministry of Economy in line with the latter’s programme for industrial property. The third is a joint development agreement (JDA) on seawater desalination between Korea Agency for Infrastructure Technology Advancement (KAIA) and Masdar, it added.

Eng Sultan bin Saeed Al Mansouri, UAE Minister of Economy, led the UAE delegation, while the team from South Korea were headed by Ilho Yoo, Deputy Prime Minister and Minister of Strategy and Finance, it said.

This year’s session included a preparatory technical meeting held under the supervision of Eng Mohammed Bin Abdul Aziz Al Shehhi, undersecretary of the UAE Ministry of Economic for Economic Affairs, and Hoe Jeong Kim, director general for International Economic Affairs at the South Korean Ministry of Strategy and Finance, it stated.

A total of eight roundtable sessions were conducted to establish frameworks for cooperation between the two countries, said the statement.

The UAE delegation also included other officials from the Ministry of Economy, the Ministry of Foreign Affairs and International Cooperation, the Ministry of Infrastructure and Development, the Ministry of Climate Change and Environment, the Ministry of Health, the General Civil Aviation Authority, the Federal Transport Authority, Masdar, and other federal and local government agencies and chambers, it added.

Al Mansouri highlighted the UAE’s outstanding economic achievements as well, saying that the country’s non-oil foreign trade stood at Dh1.6 trillion ($435.5 billion) in 2014 inclusive of the country’s free zone activities, and that it is the third largest re-export centre in the world.
 
He also invited the various South Korean economic sectors to benefit from the UAE’s attractive trade and investment environment in order to initiate an advanced phase of partnership between their respective private sectors and business communities, it said.

The meeting’s agenda included several topics for reviewing the progress made in implementing the recommendations agreed upon during the fourth session of the Joint UAE - Korean Economic Committee in 2014. Participants discussed ways to strengthen cooperation in various key sectors, including clean and renewable energy, infrastructure, industry, intellectual property rights, innovation and SMEs, finance and public services, healthcare and medical service, education and cultural exchange, and tourism, it stated. – TradeArabia News Service