1300 South Korean companies licensed in the Emirates

The Minister of Economy and Tourism, Abdullah bin Touq Al -Marri, said that the UAE is an important economic partner for South Korea, and it constitutes a vital gateway to Korean exports to the markets of the Middle East and North Africa region, and the state also provides a competitive business environment and an incentive investment climate, especially in light of the Emirati market today to approximately 1300 Korean companies, and with an increase rate of more than 16% compared to the end of August 2024, where it operates, where it operates These companies are in various economic activities.

This came during the reception of Ben Touq, a delegation of businessmen from South Korea, headed by the Chairman of the Board of Directors of the Korean International Trade Association (KITA), Jin Sick Yun, and included 25 Korean companies working in various fields, including technology, health care, energy, investment, artificial intelligence and electric vehicles, at the headquarters of the Ministry of Economy and Tourism in Abu Dhabi, where the meeting aimed to enhance opportunities to increase Korean investments in the UAE markets in the new economy sectors during the period during the period Next, exploring new horizons for economic cooperation and strengthening the fruitful partnerships between the business community in both countries.

Bin Touq pointed out that the meeting represents a new step to enhance joint work in order to open wider areas for Korean companies to take advantage of the advanced investment environment provided by the state.

In this context, Bin Touq reviewed the incentives and ingredients enjoyed by the business environment in the country, including issuing and updating laws and legislations that supported the expansion of the activities and sectors of the new economy such as the Family Companies Law, cooperatives, commercial agencies and trade through modern technology and arbitration, and providing foreign direct ownership of companies by 100%, and providing more than 2000 economic activities.

The number of tourists coming from Korea to the UAE was about 57 thousand tourists, during the year 2024, with a growth rate of 41.5% compared to 2023, which reflects the continuous momentum in relations between the two countries at the level of economic and tourism sectors, and enhances the UAE’s position as a leading global destination for the economy and business.