According to Yonhap News,

Invest KOREA, a national investment promotion agency of the Korea Trade-Investment Promotion Agency (KOTRA), announced on October 16 that it signed a "Memorandum of Understanding (MOU) on promotion of investment cooperation between Korea and the UAE" with the UAE International Investors Council (UAEIIC) in Abu Dhabi, the capital of the UAE.

Under the MOU, the two sides promised to cooperate in such areas as enhancing information exchange in economic and investment, discovering investment projects, and promoting cooperation between companies of the two countries.

UAEIIC is a quasi-governmental organization under the UAE Ministry of Economy, established in 2009, to support overseas expansion of UAE companies. Currently, the UAE Minister of Economy also serves as the chairman of the UAEIIC.

UAEIIC has 22 major companies, including Mubadala (UAE's sovereign wealth fund), Abu Dhabi National Oil Company (ADNOC), and Dubai Ports World (DPW), as its members.

Tae Hyung Kim, Commissioner of Invest KOREA said, "the cooperation between the two organizations is expected to facilitate investment of UAE companies in Korea," adding, "we will make efforts on information exchange to help companies from the UAE seek investment opportunities in Korea, where various industries are evenly developed."


dkkim@yna.co.kr
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Source: Yonhap News (October 16, 2023)