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UAE-South Korea seals agreement on protection of investment

posted on 10/06/2002: 579 views


The UAE and South Korea yesterday sealed an agreement for encouragement and protection of investment. It was signed by Dr. Mohammed Khalfan bin Kharbash, UAE Minister of State for Financial and Industrial Affairs, and Korean ambassador Hwang Kil-shin. Kharbash said Korea was a major trade partner with foreign trade between the two countries amounting to US$6.8 billion. "The agreement will lay down the framework of tax transactions for UAE investors in Korea," he added. The Korean ambassador hoped the agreement would encourage investment in both countries. "UAE investment in South Korea's Hyundai Oil Refinery stood at US$540 million," he said. (The Emirates News Agency, WAM)

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