UAE and South Korea to strengthen investment, economic partnership

Global investment event Investopia 2024 has witnessed the signing of two memorandums of understanding (MOUs) between the UAE and South Korea.

The first MOU was signed by the Dubai Multi Commodities Center (DMCC) and the Korean Institute of Startup and Entrepreneurship Development (KISED), according to a press release.

Meanwhile, the second protocol is inked between the Dubai Future District Fund (DFDF) and the Korea Venture Investment Corporation (KVIC).

The MoU between DMCC and KISED is designed to offer comprehensive support to startups and entrepreneurs while facilitating the exchange of experiences to leverage mutual benefits and best market practices.

It seeks to facilitate the entry of UAE startups into Korean markets and vice versa, bolstering cooperation in burgeoning industries such as entertainment, digital games, blockchain, and non-fungible token (NFT) technologies.

Furthermore, the MoU between DFDF and KVIC aims to boost collaboration in venture investments, share visions and experiences in startup ecosystems, and foster their expansion and global outreach.

The recent MoUs seek to forge new partnerships supporting the transition to emerging economic sectors like venture capital, small and medium enterprises (SMEs), entrepreneurship, financial technology, artificial intelligence, and the circular economy, driving sustainable global growth.

Held in Abu Dhabi last February, Investopia 2024 served as a convergence point for investors, government officials, entrepreneurs, and experts.

The two-day event facilitated over 2,500 participants and featured more than 90 speakers discussing cutting-edge investment and economic trends.

Topics ranged from venture capital strategies and green economy potentials to advancements in the digital economy, tourism, sports, and technology sectors.

In February 2024, H2O Hospitality, a South Korean digitalization company, opened its regional headquarters in Abu Dhabi.

The UAE and South Korea agreed In July 2023 to expand bilateral cooperation across 11 strategic sectors.