{"id":2205283,"date":"2024-05-29T08:00:10","date_gmt":"2024-05-28T23:00:10","guid":{"rendered":"https:\/\/koreapro.org\/?p=2205283"},"modified":"2024-05-28T14:17:45","modified_gmt":"2024-05-28T05:17:45","slug":"south-korea-and-uae-bolster-economic-ties-with-high-profile-business","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/05\/south-korea-and-uae-bolster-economic-ties-with-high-profile-business\/","title":{"rendered":"South Korea and UAE bolster economic ties with high-profile business"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">South Korea and the United Arab Emirates (UAE) held the <\/span><a href=\"https:\/\/www.motie.go.kr\/kor\/article\/ATCL3f49a5a8c\/169103\/view?mno=&amp;pageIndex=1&amp;rowPageC=0&amp;displayAuthor=&amp;searchCategory=0&amp;schClear=on&amp;startDtD=&amp;endDtD=&amp;searchCondition=1&amp;searchKeyword=#\"><span style=\"font-weight: 400;\">Korea-UAE Business Investment Forum<\/span><\/a><span style=\"font-weight: 400;\"> on Tuesday, coinciding with UAE President Mohammed bin Zayed Al Nahyan\u2019s state visit. The event, attended by around 200 business leaders from both nations, aimed to foster new partnerships and bolster economic cooperation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">During the forum, Medytox Inc. signed a Letter of Intent with UAE Tecom Investment to establish a biopharmaceutical production plant in the UAE, marking the first such venture in the country. The deal follows a series of <\/span><a href=\"https:\/\/www.president.go.kr\/newsroom\/briefing\/PkBpHFvf\"><span style=\"font-weight: 400;\">memorandums of understanding<\/span><\/a><span style=\"font-weight: 400;\"> signed during South Korean President Yoon Suk-yeol\u2019s visit to the UAE in Jan. 2023.<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The Korea-UAE Business Investment Forum builds upon the robust economic and strategic partnership between South Korea and the UAE. The forum follows the <\/span><a href=\"https:\/\/koreapro.org\/2023\/10\/south-koreas-first-mideast-fta-with-uae-vital-to-diversify-its-economy\/\"><span style=\"font-weight: 400;\">Comprehensive Economic Partnership Agreement<\/span><\/a><span style=\"font-weight: 400;\"> (CEPA) finalized in Oct. 2023, which aims to enhance bilateral trade and open new industries to South Korean interests.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The establishment of Medytox Inc.\u2019s biopharmaceutical production plant in the UAE, the first such venture in the country, highlights the expanding scope of cooperation beyond traditional sectors. This aligns with South Korea\u2019s strategy to diversify its partnerships and bolster its export-driven economy. Trade volume between the two countries reached $20.8 billion in 2023, with the UAE ranking as South Korea\u2019s 16th major trading partner.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The forum&#8217;s success in attracting around 200 business leaders demonstrates the growing appetite for collaboration between the two nations. Yoon\u2019s state visit to the UAE in 2023 resulted in the signing of 24 memorandums of understanding and contracts worth about $6.1 billion.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/inter-korean-foreign-relations\/\"><span class=\"tag\">Inter-Korean &amp; Foreign Relations<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>South Korea and the United Arab Emirates (UAE) held the Korea-UAE Business Investment Forum on Tuesday, coinciding with UAE President Mohammed bin Zayed Al Nahyan\u2019s state visit. The event, attended by around 200 business leaders from both nations, aimed to foster new partnerships and bolster economic cooperation. During the forum, Medytox Inc. signed a Letter [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2205284,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,28],"class_list":["post-2205283","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-inter-korean-foreign-relations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Korea and UAE bolster economic ties with high-profile business - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2024\/05\/south-korea-and-uae-bolster-economic-ties-with-high-profile-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea and UAE bolster economic ties with high-profile business - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korea and the United Arab Emirates (UAE) held the Korea-UAE Business Investment Forum on Tuesday, coinciding with UAE President Mohammed bin Zayed Al Nahyan\u2019s state visit. 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