H.E. Saif Mohammed Al Hajeri, Chairman of the Department of Economic Development Abu Dhabi meets with H.E. You Yung Min, the South Korean Minister of Science, Technology and Information in his office today, in order to discuss means of enhancement of economic relations between Abu Dhabi and South Korea. In light of the outcomes of recent meetings convened between the joint working groups, arising from the Common Working Committee between the two countries.
The meeting addressed discussing the developments of economic relations in the area of innovation between the Emirate of Abu Dhabi and South Korea. By strengthening channels of communication between the two sides, leveraging DED's platforms and partners to represent the centralized point of contact through which central information & support are provided for business community and corporations willing to capturing opportunities offered by the domestic economy.
At the meeting, H.E. Saif Mohammed Al Hajeri, Chairman of the DED informed H.E. the South Korean Minister about the major themes that have been discussed and considered between the joint working groups from Abu Dhabi & South Korea, concerned with sharing policies & technologies in the fields of science, technology, IT and communication.
Furthermore, a range of topics were also briefed on including areas of cooperation in research and development, mechanisms of funding innovative projects, cooperation in the area of venture capital, attracting Korean start-up companies, cooperation in the field of incubators & policies associated with innovation. Besides discussing mechanisms of cooperation I regard to Technology and Innovation Pioneers (TIP).
At the meeting, H.E. Saif Mohammed Al Hajeri, Chairman of the DED, emphasized that Abu Dhabi Government is committed to developing areas of joint cooperation with South Korea, aimed at enhancing economic and investment relations which link the two friendly countries, leveraging development projects undertaken by Government of the Emirate of Abu Dhabi.
H.E. explained that the Emirate of Abu Dhabi embarking on a range of development projects which Abu Dhabi Government focuses on, in the context of its endeavors to strengthen the role of non-oil sectors, maximize its contribution to the GDP of the Emirate and ensure sustainable economic development.
On his part, H.E. You Yung Min, the South Korean Minister of Science, Technology and Information highlighted the need to implement of cooperation agreements already signed between Department of Economic Development & South Korean Ministry of Science, Technology and Information in March of the current year. Those are intended to support development and knowledge-based economy in the society, in addition to develop an advanced system for research & innovation in the UAE drawing on Korean expertise and experience.
He added that South Korean stands ready to harness its potentials in the field of scientific research with a view to support efforts exerted by Abu Dhabi Government towards enhancing the role of innovation within sustainable economic development system, by focusing on the development of cooperation relations with the private sector institutions between the two countries. In order to achieve efficiency and effectiveness within scientific research & technology development efforts of the Emirate of Abu Dhabi and the UAE in general, through cooperation with the leading advanced and distinguished Korean companies in various fields of scientific research.
It is worth noting that joint working groups convened a series of meetings at the headquarters of the DED for two days, to discuss all developments pertaining to the agreements signed between the two sides, and to identify its outputs by activating the role of "TAKAMUL" Program of the DED as a link between the two sides, to contribute to the establishing the knowledge & innovation society in the EUA and ensuring its successful continuity. And to link scientific research efforts to the needs of institutions in the UAE, in addition to share polices & technologies in the areas of science, technology, IT and communication.
On the part of Abu Dhabi, the joint working groups include representatives of ADDED, Department of Urban Planning and Municipalities, Department of Health Abu Dhabi, MUBADALA, Abu Dhabi National Oil Company "ADNOC", the United Arab Emirates University, Khalifa University of Science and Technology, The United Arab Emirates Space Agency, Department of Transportation Abu Dhabi and Smart Solutions & Services Authority.
In return, joint working groups on South Korean part include Ministry of Science, Technology and Information, International Cooperation Office, Euro-African International Cooperation Bureau, The National Research Foundation of Korea, Korea Advanced Institute of Science and Technology, Technology Center for Wireless Power Conversion, Advanced Unmanned Vehicles Research Center, The Korea Aerospace Research Institute, Clean energy Centre, Korea Research Institute for Chemistry Technology, in addition to other scientific & research centers.
The joint Emirati-Korean Committee has proposed working on 7 innovative projects for cooperation between the two sides in the fields of farming in the desert, unmanned vehicles, clean fuel, intelligent transportation, space and health care.
It is noteworthy that Trade volume between the United Arab Emirates & South Korea totaled 14.93 billion dollars of 2017. The total UAE exports to Korea amounted to 9.55 billion dollars, where oil is the largest commodity exported by the UAE to Korea. The UAE imports from Korea totaled 5.38 billion dollars including household appliances, vehicles, electricity and electronic equipment.
The overall joint investment between the UAE and South Korea totaled 1.85 billion dollars by the end of this year. The overall Korean investments in the UAE amounted to 1.4 billion dollars, while the Emirati investment in Korea amounted to 0.45 billion dollars.
More than 200 South Korean companies operate in the UAE and more than 11,000 Korean citizens live in the UAE, which represents the largest Korean community in the region.
According to data of Abu Dhabi Securities Exchange, the number of Korean investors listed in the market by the end of the first quarter of 2018 totaled 70, divided between 35 individual investors & 35 investment establishments. The total value of trading of investors holding the Korean nationality (sale & purchase) during the year 2017 totaled 50 million dirhams. While the market value of the shares they hold until the end of 2017 totaled 160 million dirhams. As for the overall value of Korean investors trading (sale & purchase) within the first quarter of 2018, it amounted to about 25 million dirhams, representing 5% of the overall trading of investors from Asian countries in the same period.