UAE Ministry of Economy Discusses Cooperation in Islamic Economy with Republic of Korea
His Excellency Sultan bin Saeed Al Mansouri, UAE Minister of Economy and Chairman of Dubai Islamic Economy Development Centre (DIEDC), received a high-ranking delegation from the Republic of Korea, led by His Excellency Kim Dong-yeon, Minister of Strategy and Finance and Deputy Prime Minister.
The meeting at the Dubai headquarters of the UAE Ministry of Economy explored ways of enhancing synergies between the two countries and boosting trade and economic ties in emerging sectors, as well as opportunities for collaboration across all areas of Islamic economy.
Also present at the meeting were His Excellency Abdulla Mohammed Al Awar, CEO of DIEDC, His Excellency Abdulla Sultan Alfan Alshamsi, Assistant Undersecretary for Industrial Affairs at the UAE Ministry of Economy, and Abdullah Saleh Al Hammadi, Head of the Tourism Department at the UAE Ministry of Economy.
The meeting highlighted the significance of the official visit of Moon Jae-in, President of the Republic of Korea, to the UAE that is currently underway. The two parties also discussed the diverse existing partnerships between the UAE and Korea, specifically those in the field of innovation, small and medium-sized enterprises (SMEs), and intellectual property.
The attendees examined plans to expand bilateral relations through focusing on high-priority sectors of common interest. They also reviewed the key role of the UAE-Korea Economic Joint Committee, which held its sixth meeting in Seoul in February 2018, in diversifying partnerships to include sectors such as renewable energy, civil aviation, infrastructure, manufacturing, healthcare, and education.
During the meeting, Korean officials were briefed on the Islamic economy and the promising opportunities it offers, the UAE’s strides in developing its capabilities in the field, as well as areas of potential partnership, particularly in the halal and Islamic finance space.
Speaking on the visit, His Excellency Sultan bin Saeed Al Mansouri said: “Bilateral ties between the UAE and South Korea have always been very strong, and today our two nations are ready to take their relationship to the next level with a strategic partnership based on shared interests that focus on achieving our ambitious development goals.”
In this context, he referred to the bolstering of bilateral relations during the meeting of the UAE-Korea Economic Joint Committee in Seoul in February 2018.
His Excellency Sultan bin Saeed Al Mansouri added that in light of the notable economic growth of the two countries, there is always room for new opportunities to expand cooperation. He pointed out that the Islamic economy has the potential to initiate a new phase of partnership, especially given the growing global demand for halal products and Islamic financial services.
Furthermore, His Excellency Sultan bin Saeed Al Mansouri expressed the importance of starting a fruitful dialogue between DIEDC and relevant South Korean entities to share the UAE’s rich experience and best practices in this vital field.
He added that there are growing prospects for cooperation with South Korea in the SMEs and entrepreneurship field, and for developing new channels of communication and exchange of knowledge about the success of Korean start-ups and innovation-based projects. He reiterated the importance of stepping up joint efforts to boost the growth of fintech and the implementation of emerging technologies in the financial sector.
For his part, His Excellency Kim Dong-yeon said that the productive collaboration between the two countries has witnessed a remarkable expansion to include a wide variety of sectors, noting that President Moon Jae-in’s visit to the UAE reflects his country’s ambition to develop strategic relations with the UAE.
He highlighted South Korea’s desire to benefit from the UAE’s expertise through exchanging best practices, knowledge, and experience in areas of shared interest, and expressed interest in exploring opportunities for cooperation in the Islamic economy. He also pointed out the merits of Islamic finance, specifically sukuk, as a key sector in advancing Islamic economy, adding that South Korea is examining the legislative requirements for entering the field.
For his part, His Excellency Abdulla Mohammed Al Awar briefed the audience on DIEDC’s 2017-2021 strategy that revolves around three focus sectors – Islamic finance, halal, and Islamic lifestyle that encompasses culture, arts, and family-friendly tourism. He also offered an overview of the Centre’s achievements, initiatives and programmes that enhance the UAE’s Islamic economy expertise.
His Excellency Al Awar also briefed the visiting delegates on the findings of the State of the Global Islamic Economy Report 2017/18, issued by DIEDC in collaboration with Thomson Reuters. He pointed out that the value of the assets of the Islamic finance sector amounted to US$2.2 trillion in 2016 and is expected to reach approximately US$3.8 trillion by 2022. In addition, he highlighted the prospects in the Islamic banking and finance sector, especially in sukuk issuance, which is witnessing significant growth in non-Muslim markets such as Hong Kong, the UK, Luxembourg, and South Africa.
In closing, he said: “There are great opportunities to build synergies with South Korea, especially in fields related to sukuk and halal. We are confident this visit will expand horizons for further collaboration between South Korea and the UAE.”
His Excellency Abdulla Sultan Alfan Alshamsi provided an overview of the UAE’s efforts in incubating SMEs, entrepreneurs, and innovative start-up companies. He emphasised the country’s interest in benefitting from the Korean experience in developing technological industries, particularly automobile manufacturing, exploring cooperation prospects in the field of scientific R&D, and forging partnerships with Korean entities to pursue shared interests.
Following the meeting, His Excellency Sultan bin Saeed Al Mansouri accompanied His Excellency Kim Dong-yeon and other delegates on a tour of Dubai’s landmarks, including Dubai Frame, Burj Khalifa, and Burj Al Arab.
UAE Ministry of Economy
Ministry of Economy carries out the preparation of the project of the General Development plan of the state, identifies its stages and annual divisions and all matters associated to that such as projects, legislations and proposals. All in view of the general strategic plan of the state and the studies it makes besides the preprograms and information presented by the various ministries.
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