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The agreement adds 1.17% to the UAE economy and 2.26% to the Korean GDP by 2032.
Al-Zeyoudi said in an interview with Al-Sharq in Seoul on Wednesday that the agreement is the ninth partnership agreement signed by the UAE and “allows for the liberalization of more than 99% of the Emirati goods that enter the Korean market, and more than 80% of the products that enter from Korea to the UAE.” “.
The agreement will increase the UAE’s GDP by 1.17% by 2032, and by 2.26% of the Korean GDP by the same year, according to Al-Zeyoudi, who pointed out that these numbers are conservative and there are great opportunities to increase them.
He indicated that he expects his country to conclude 4 to 5 economic partnership agreements this year, with Malaysia, Vietnam, New Zealand, and Australia, and there are negotiations with Nigeria, the Mercosur countries, and Eurasian countries, and there is discussion with Arab countries.
The UAE confirmed its commitment to invest $30 billion in South Korea, on the sidelines of today’s agreement. Al-Zeyoudi told Al-Sharq that the UAE announced these investments last year to invest in South Korea through a fund, and within a year and 4 months, two billion dollars were invested from this fund.
To ensure the acceleration of the processes of employing these funds, a joint fund was established between “Mubadala InvestmentAnd Korea to invest in projects of common interest, according to Al-Zeyoudi. Regarding artificial intelligence, Al-Zeyoudi said that before the end of the year there will be a partnership in centers specialized in artificial intelligence between the two countries.
The two countries also signed a memorandum of intent to build at least 6 liquefied natural gas carriers, according to Wenhab.
This came after summit talks held by Korean President Yoon Seok-yeol and UAE President Sheikh Mohammed bin Zayed Al Nahyan, who arrived in Seoul yesterday, Tuesday.
The two sides also signed 19 trade deals and memorandums of understanding covering investment, energy, nuclear energy, defence, technology, climate change and cultural exchange.
The most prominent agreements signed between the two countries
- Mubadala Investment Company signs a memorandum of understanding to invest more than $6 billion in South Korea.
- Abu Dhabi National Oil Company (ADNOC) signs a letter of intent with Samsung Heavy Industries and Hanhwa Ocean Company, to build at least 6 liquefied natural gas carriers, worth $1.5 billion.
- The two countries agreed to promote a joint crude oil storage project and cooperate on hydrogen projects.
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