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UAE-Korean official talks

posted on 04/05/2003: 724 views

The UAE and South Korea yesterday discussed ways of strengthening economic ties between the two countries, particularly in the fields of oil and energy. The discussions were part of official talks between a UAE delegation led by Obeid bin Saif Al Nasiri, Minister of Petroleum and Mineral Resources, and a South Korean delegation headed by Yoon Jin Sik, Minister of Commerce, Industry and Energy. Nasiri said that South Korea was the second largest importer of UAE's crude oil and a significant economic and trade partner.

In a statement after talks, Nasiri said that the talks included cooperation between the two sides in joint investment in the oil and energy sector. He said that the UAE has asked the Korean side the need to improve South Korea's investment environment, noting that the UAE holds 50 per cent of the Hyudai refinery in South Korea. Nasiri hoped that the talks between the two sides would lead the furthering of the of UAE investment in South Korea's oil sector. For his part, the Korean Minister said that his visit was to further enhance investment opportunities between the UAE and South Korea, describing the UAE-South Korean economic ties as "excellent and improving". (The Emirates News Agency, WAM)


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