The government will launch an investment cooperation platform jointly with the private sector to implement the investment pledge of USD 30 billion from the United Arab Emirates (UAE).

President Yoon Suk Yeol on Jan. 31 held a meeting on follow-up measures for the pledge at the Korea International Trade Association in Seoul.

In his introductory speech at the meeting, he said, "Our brother country UAE decided to invest USD 30 billion based on its trust in us," adding, "We should also respond by finding innovative investment partnership projects that serve the interests of both countries."

The government decided to fully utilize pan-government capacity to quickly implement follow-up measures so that the UAE's pledges can be expanded into palpable results in exports and investment.

The platform comprises a UAE investment cooperation committee chaired by Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho and UAE investment cooperation network, plus the setup of a permanent cooperation channel with the Arab nation.

Led by the private sector, the network has at its center the government-run Korea Development Bank under the purpose of giving customized support tailored to the UAE's investment needs jointly with related financial and industrial sectors.

To smoothly promote bilateral investment cooperation, a regular dialogue channel with high- and working-level UAE officials will be opened.

Seoul this month will hold a meeting of the investment committee. The private sector will also convene the network this month to initiate detailed talks on overall management plans and strategies for bilateral investment cooperation.

Within the first half of the year, a high-level bilateral dialogue on investment cooperation is scheduled, while an investor relations session for UAE sovereign wealth funds in the second half in Abu Dhabi is under consideration.

korea.net