The second meeting of the UAE-Korean joint economic committee has closed with both countries recognising the importance of exchanges at both governmental and private sector levels to boost economic cooperation.

Both countries agreed to facilitate the Korea-UAE Business Forum, and held in-depth discussions on ways to strengthen cooperation the key areas of sustainable and renewable energy, financial services, healthcare, environmental cooperation, tourism and railway.

The meeting evaluated the current economic situation and the key economic policy policies of the two countries.

The South Korean side explained the Korean Government’s efforts to carry out short-term response measures to cope with the global financial crisis, as well as policies to power new growth engines for the economy, and presented South Korea’s future economic policy direction.

The joint economic committee discussed the implications and avenues for bilateral cooperation in Korea’s Free Economic Zones and UAE’s Free Zones and reaffirmed the significance of these special economic zones in driving economic development.

Visits to the free zones and information sharing to promote foreign investment will be arranged.

The experience in SMEs will be shared and cooperation enhanced by holding venture capital fairs.

The UAE proposed to sign a memorandum of understanding with South Korea to strengthen SME cooperation this year. The UAE also expressed interest in sending a delegation of young UAE entrepreneurs to South Korea to learn more about the country’s success with SMEs.

The UAE side requested for an immediate increase of frequencies and a more liberal open sky policy in the near future. Both sides confirmed their desire to cooperate on issues related to civil aviation. The UAE side asked for more facilities for UAE designated carriers with Korea’s Customs Authority with respect to import and storage of spare parts.

In the field of energy, both sides expressed their keen interest to expand cooperation in the domain of energy and renewable energy and expressed their full support for the successful conclusion of the MOU between the Korea National Oil Corporation (KNOC) and the Abu Dhabi National Oil Company (Adnoc) for strategic cooperation.

Both sides acknowledged the need to enhance cooperation in the construction sector including urban planning and infrastructure development, such as power plants.

The UAE expressed its interest to benefit from Korea’s advanced experience in the fields of science and technology. Both sides agreed to encourage their competent agencies and entities to strengthen mutual cooperation and exchange of expertise in all related areas.

In the field of financial services, both sides agreed through their financial authorities to exchange views on various activities and financial products, and to explore ways to boost reciprocal cooperation in various areas including Islamic financing.

The Ministry of Health and Welfare of Korea and the Ministry of Health of the UAE agreed to establish a dialogue channel with the aim of signing an MOU on healthcare cooperation.

The UAE and South Korea agreed to simplify the approval process of documents for overseas students. The two sides also agreed to work in close partnership through the government and private sector to facilitate the growth of the ICT sector in both countries.

Both sides also agreed to hold the Third Korea-UAE Joint Economic Committee Meeting in 2012 in Abu Dhabi. – TradeArabia News Service