South Korea is seeking to lift potential hurdles for the mega investment pledge made by the United Arab Emirates (UAE) last month, the finance minister said Tuesday, to create “win-win” opportunities for both countries.
Finance Minister Choo Kyung-ho made the remark during a meeting with economy-related ministers in Seoul, which aims to flesh out details of the US$30 billion investment project announced by the UAE last month, according to the Ministry of Economy and Finance.
The meeting was the first of its kind since January, when the UAE decided to make investments across various areas of strategic cooperation between the two countries, including in nuclear power, arms, hydrogen and solar power.
“In order to promptly visualize the investment by the UAE, we plan to discuss issues, such as the opening of the local office of the UAE sovereign wealth fund, as well as raising a joint fund with the Korea Development Bank,” Choo said in a statement.
“During the process, the government will not only proactively suggest prominent areas of investment but will also spare no efforts to support its implementation, including introducing partners and lifting regulations,” Choo added.
The finance ministry, meanwhile, said its officials plan to visit the UAE in March to discuss details of the investment.
It is also considering holding conferences and business meetings by inviting officials from the UAE around May or June.
Source: Yonhap News Agency