UAE Strengthens Economic and Technological Ties with South Korea and China





This week President Sheikh Mohamed embarks on state visits to South Korea and China where he will be focusing on trade deals, advanced technology and security. This visit signifies the UAE’s plans to promote economic relations, foster technological advancement and move away from oil dependence through diversifying its economy. Sheikh Mohamed is expected to travel to South Korea for a two-day visit that starts on Tuesday, followed by a visit to China on Thursday. The main aim is to acquire high-level technologies from these East Asian countries according to Shigeto Kondo, a senior researcher of Japan’s Institute of Energy Economics. Both nations are endowed with flourishing fields of specialization particularly in energy, where the UAE is keen on facilitating technology transfers, with the UAE being the biggest trade partner of China among Arabic countries due to its significant investments in various fields like petrochemicals, crude oil and artificial intelligence.

Chinese investments in UAE increased more than 16% to $1.3 billion last year, as UAE investments in China jumped by 120 percent," said Zhang Yiming, China's ambassador to the UAE.The UAE is also exploring potential free-trade agreements with China this time around as talks between China and the GCC over a free-trade agreement have stalled; South Korea, the UAE's second major trading partner among Arab countries, registered an increase in its UAE investments to $2.2 billion; at the same time, Korea’s UAE investments overtook the $578-million mark by December, 2022. The potential for Korean companies to win business in nuclear new build in the UAE is with strong posibility. The visits demonstrate significant advancement in UAE foreign relations precisely aimed at industrial and scientific modernization.


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