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FINANCIAL NEWS
S. Korea seeks to exceed 2011’s USD20b trade with UAE
07 May 2012
(MENAFN) South Korean Minister of Strategy and Finance Bahk Jaewan unveiled that the trade size between his country and the UAE reached USD20 billion in 2011, expecting the figure to grow further, Emirates News Agency reported.
The majority of last years trade between the two countries has been focused on the UAE’s nuclear power industry, following the USD20 billion nuclear deal South Korea’s Kepco in 2009, for the development of four nuclear power plants.
He also said that the UAE is South Korea’s second largest foreign direct investment (FDI) destination in the region.
Asia’s fourth largest economy’s FDI in the UAE hit USD1.24 billion last year, as the Far East Asian country targets larger trade horizons outside of the Gulf state’s resource sector, such as manufacturing, IT and healthcare.
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