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UAE 30 billion won investment follow-up... High-level dialogue held in the first half of the year

Regarding the United Arab Emirates (UAE)'s commitment to invest 30 billion dollars (about 40 trillion won) in Korea, the government has taken follow-up measures such as establishing an investment cooperation platform. The plan is to hold a high-level investment cooperation dialogue between the two countries in the first half of this year, and to hold an investment briefing session in Abu Dhabi in the second half. The Ministry of Strategy and Finance announced on the 31st that such a plan was discussed at the ‘UAE investment attraction follow-up inspection meeting’ presided over by President Yoon Seok-yeol at the Trade Association in Gangnam-gu, Seoul.

The government has decided to establish and operate a “Korea-UAE Investment Cooperation Platform” under the principle that the public and private sectors will respond as one team so that UAE investments can proceed swiftly. Domestically, it is composed of the UAE Investment Cooperation Committee and the UAE Investment Cooperation Network, which are public-private joint support systems, and externally, it was achieved by establishing a regular cooperation channel with the UAE.

The UAE Investment Cooperation Committee is a policy consultative body for investment promotion support, with the Deputy Prime Minister (Chairman) and related ministers and private experts focusing on policy responses to promote UAE investment in Korea. In principle, it will be held once a quarter, and it will be held as needed.

The UAE investment cooperation network led by the private sector, centered on the Korea Development Bank, is actually built for domestic investment with the purpose of providing customized support tailored to the investment demand of the UAE together with related financial and industrial sectors. The investment cooperation network plays a supporting role in the UAE's actual domestic investment. Rather than regular meetings, the plan is to operate as a small group task force (TF) to suit the task. The government is also planning to open a regular dialogue channel with high-level and working-level officials in the UAE to promote smooth investment cooperation between Korea and the UAE. First, a 'high-level investment cooperation dialogue' was opened between the Deputy Prime Minister for Economy and the head of the Abu Dhabi Administration Office (Mubadala CEO), and a 'practical investment cooperation channel' in which UAE sovereign wealth funds such as Mubadala, the Ministry of Strategy and Finance, Korea Development Bank, and private experts participate. was also newly established.

The government plans to hold the UAE Investment Cooperation Committee sometime next month. The private sector is also planning to hold a UAE investment cooperation network sometime next month to start detailed discussions on overall management plans and strategies for Korea-UAE investment cooperation.

In addition, it plans to hold a “Korea-UAE high-level investment cooperation dialogue” in the first half of this year, while considering holding an investment briefing (IR) for UAE sovereign wealth funds in Abu Dhabi in the second half of this year.

An official from the Ministry of Strategy and Finance said, "We plan to cooperate closely with the private sector to become fully prepared as one team through public-private partnership so that the UAE's $30 billion investment attraction can serve as a great foundation for realizing the new Middle East boom." said. [eDaily]


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