Minister of Economy and Tourism receives South Korean delegation to enhance investment opportunities in the UAE’s new economy sectors

Meeting marks a new step in enabling Korean companies to fully leverage the incentives and advantages offered by the UAE economy

His Excellency Abdulla bin Touq Al Marri, Minister of Economy and Tourism, received a South Korean business delegation, led by Jin Sik Yoon, Chairman of the Korea International Trade Association (KITA). The delegation included 25 Korean companies operating in the UAE across various sectors, such as technology, healthcare, energy, investment, artificial intelligence, and electric vehicles. Held at the Ministry of Economy and Tourism office in Abu Dhabi, the meeting contributed to enhancing opportunities for boosting Korean investment in the UAE’s new economy sectors, exploring new avenues for cooperation, and fostering meaningful partnerships between the business communities of both countries.

H.E. reaffirmed that the UAE and the friendly Republic of South Korea share advanced and distinguished economic relations, supported by the forward-looking vision of both leaderships and their shared aspirations to continually advance them.

H.E. Bin Touq said: “The UAE is a key economic partner for South Korea and serves as a vital gateway for Korean exports to the MENA region. The country also offers a competitive business environment and an attractive investment climate, with nearly 1,300 Korean companies now operating in the UAE, with more than 16 per cent growth compared to the end of August 2024, spanning a wide range of economic activities.”

His Excellency noted that the meeting marks a new step in strengthening joint efforts to create broader opportunities for Korean companies to benefit from the UAE’s advanced investment environment. In this context, His Excellency highlighted the key incentives and advantages of the UAE’s business landscape, such as the issuance and updating of laws and legislations supporting growth in the new economy sectors covering family business, cooperatives, commercial agencies, e-commerce, and arbitration. Most notably, these include the granting of 100% foreign ownership of companies; the availability of more than 2,000 economic activities; and the country’s strategic geographic location linking East with West and North with South. His Excellency stressed the importance of enabling the business communities on both sides to leverage these diverse economic advantages and facilitate business operations and mutual investment flows.

Tourist arrivals from South Korea to the UAE reached approximately 57,000 in 2024, up 41.5% from 2023. This surge reflects the sustained momentum in bilateral economic and tourism ties and further cements the UAE’s position as a leading global destination for business and investment.