Abu Dhabi is set to host the fifth meeting of the UAE-South Korea Joint Committee next Sunday where officials will focus on industry, advanced technology, innovation, energy and scientific research as priority sectors for strengthening economic relations between the two countries.

The volume of non-oil trade between the UAE and South Korea stood at US$5.7 billion in 2015. Their foreign trade through free zones stood at US$3.6 billion in the same year, according to UAE Minister of Economy, Sultan bin Saeed Al Mansouri, who will c-chair the committee with South Korea's Minister of Strategy and Finance, Yoo Il-ho.

Al Mansouri said the UAE's economic and trade relations with South Korea have been advancing since the two countries established diplomatic relations in 1980.

More opportunities for further cooperation will be created based on the fact that the two countries share an economic common ground featuring an expanding use of innovation, scientific research and modern technology in advancing industries, he noted.

In the UAE, South Koreans operate 83 companies and have 237 trade agency and 2863 trademarks, Al Mansouri further said.

Source :WAM