UAE President to begin state visit to South Korea, China: Explore bilateral relations and trade outlook

HH Sheikh Mohamed bin Zayed, President of UAE, is all set to begin a high-profile state visit to South Korea on May 28 and to China on May 30. The visit comes at the invitation of his South Korean and Chinese counterparts, Yoon Suk Yeol and Xi Jinping, respectively.

During the trip to South Korea, His Highness is expected to hold discussions on bilateral relations and strategies to advance cooperation, especially in trade, investment, energy and technology, besides regional and international developments of mutual interest.

Furthermore, during the state visit to China, the UAE President is expected to discuss bilateral relations and opportunities for further cooperation and collaboration, especially in the economic, developmental and cultural fields.

UAE-South Korea deepening relations

The UAE and South Korea have embarked on a partnership that promises to unlock more frontiers, driving development and prosperity. The UAE President’s upcoming state visit marks a monument in the long-standing bilateral relations, a journey that began 44 years ago.

Both countries share a deepening partnership that has flourished across several domains such as economic cooperation, climate change, nuclear energy, food security, cybersecurity, defence, public administration, healthcare, culture and space.

The bilateral relationship has been noting steady growth across multiple areas, boosted by ongoing dialogue and high-level visits. South Korea’s Yoon Suk Yeol visited the UAE in January 2023, a visit that culminated in agreements that further elevated cooperation.

Improving economic partnership

The UAE and South Korea share a thriving economic partnership. The non-oil bilateral trade reached $5.3 billion last year, a 12.5% increase year-on-year. South Korea’s investments in the Emirates increased to $2.2 billion, and UAE investments stood at $578 billion by 2022.

Cepa boosting economic cooperation

During the eighth session of the UAE-Korea Joint Economic Committee in July 2023, both countries agreed to broaden and diversify bilateral economic cooperation across 11 important sectors and improve mutual investments too.

In addition, the friendly nations concluded the negotiations on the comprehensive economic partnership agreement in October 2023. The Cepa deal is set to turbocharge bilateral trade and Investment cooperation, further enhancing economic growth in both countries.

Sizeable travel figures

It is immensely important to note the vital role travel and tourism play in the deepening UAE-South Korea partnership. More than 200,000 Korean travellers are visiting the UAE every year, and dozens of flights are being operated per month by Etihad Airways and Emirates.

UAE-China deepening relations

The UAE and China first established their diplomatic relations in 1984. They have long been close partners, collaborating extensively in political, economic and cultural fields. They share a robust partnership integral to meeting mutual development and foreign policy goals.

In 2018, China’s Xi Jinping initiated a state visit to the Emirates, making history as the first Chinese leader to visit the Gulf state in the previous 29 years. The trip helped lift bilateral relations to a ‘comprehensive strategic partnership’.

During the upcoming trip to China, the UAE President is expected to attend celebrations marking the 40th anniversary of the establishment of diplomatic ties and also participate in the 10th Ministerial Conference of the China-Arab States Cooperation Forum.

Sizeable bilateral trade

Recent years have seen the UAE and China noting a substantial increase in economic and trade cooperation. China continues to consistently serve as the Emirates’ leading trade partner. By last year, bilateral trade had reached around $95 billion.

It is important to highlight the pivotal role the UAE plays as China’s foremost trading partner in both the Arab and the Gulf region. The UAE is also prominent as one of the top nations where China invests, underscoring the strategic significance of their bilateral relationship.

Cross-border deals

In the past decade, the UAE and China have been investigating joint ventures in the free trade zones through ports, the construction of unique export-oriented economic zones, and the establishment of industrial projects, according to China Briefing.

Belt and Road Initiative

The massive Gulf Area plays a significant role in China’s Belt and Road Initiative due to its geographic location at the crossroads of Asia and Europe. The UAE is playing a major part in the initiative, further deepening the UAE-China relations.