Korea-UAE trade ties to expand at record level, says minister

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uae nuclear reactor
Model nuclear reactor the UAE is constructing under a civilian nuclear energy programme. Photo - Yochi Dreazen/Pulitzercenter.org

A South Korean minister said trade between South Korea and the UAE will beat last year’s $20bn figure.

Speaking to WAM, the official news agency of the UAE, Korean Minister of Strategy and Finance Bahk Jaewan said that the Gulf nation is also the Seoul’s second largest foreign direct investment (FDI) destination in the Middle East region.

South Korean FDI in the Emirates stood at $1.24bn in 2011. Both the countries are seeking greater trade opportunities in other fields such as healthcare, IT and manufacturing.

South Korea is also helping the UAE with its civilian nuclear power industry. In 2009, the UAE signed a $20bn deal with South Korea’s nuclear power company to build and develop four nuclear power plants, which are expected to become operational by the end of 2017.

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