New era of prosperity: UAE & Korea sign CEPA for economic growth

Ministers and officials within the UAE government have emphasized that the signing of the Comprehensive Economic Partnership Agreement (CEPA) with the Republic of Korea signifies the dawn of a new era of economic prosperity and collaborative engagement spanning various economic, trade, and investment domains with one of the globe's most robust economies. The primary objective of this agreement is to enhance the unrestricted movement of trade between the two nations and establish open avenues for investment in critical sectors. This milestone inking is a pivotal component of the UAE's strategic vision to elevate its non-oil foreign trade twofold to Dhs 4 trillion and escalate exports to Dhs 800 billion by the year 2031. Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, expressed the Ministry of Finance's dedication to bolstering the UAE's global relations and forming policies and partnerships to address global economic challenges. The UAE's Comprehensive Economic Partnership Agreement with the Republic of Korea is a crucial tool that will drive diversification, economic inclusion, and attract investments in sectors such as renewable energy and food security. The advanced economy of Korea presents a significant partnership opportunity, and the UAE is prepared to embrace its potential fully. Suhail Bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, highlighted the strong trade and investment ties between the UAE and the Republic of Korea, particularly in renewable energy and associated infrastructure. The Barakah Nuclear Energy Plant in Abu Dhabi, constructed and operated by Korean firms, is a prominent example of this collaboration. With the UAE's commitment to investing $30 billion in the Korean economy, including renewable energy and advanced technology sectors, the CEPA will facilitate further investment and cooperation in this priority area. As Korea aims to achieve its Green New Deal targets and the UAE pursues its ambitious Net Zero goals, the agreement will play a vital role in fostering collaboration in this critical sector.

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