An economic study of the Dubai Chamber of Commerce and Industry stated that the UAE is the largest market for South Korean exports in the Gulf Cooperation Council states, and it is the fourth largest market for South Korea's imports in the region, and it ranks 22nd in the list of South Korea's total exports to the world, and the 15th for imports South Korea globally in 2018.

The study indicated that the total imports of South Korea from the UAE exceeds its exports to the state, as in 2018, the total imports of South Korea from the Emirates amounted to about 9.3 billion dollars (34.2 billion dirhams), pointing out that 88% of those imports were oil and petroleum products. , 4% for gold and 3% for aluminum.

Miscellaneous exports

South Korea's exports to the UAE diversified to 4.6 billion dollars. She pointed out that 14.9% of South Korea's exports to the UAE are vehicles, parts and accessories, 7.1% were tobacco and its derivatives, 4.8% were electric machines, and 4.7% were televisions and TV receivers. The rest of South Korea's exports to the UAE were diversified industrial goods.

The study confirmed that the bilateral economic cooperation between the UAE and South Korea is considered significant in terms of trade and investments. South Korea is a major trading partner for most of the Gulf Cooperation Council countries, especially the UAE and Saudi Arabia. She called for increased cooperation with South Korea in the field of business and benefiting from openness to new investments, especially in infrastructure projects in third-party countries, as the Korean government encourages its financial institutions to spread globally and make joint investments in infrastructure projects alongside construction companies and offshore investors in Third countries, which opens the way for joint investment opportunities between companies in the UAE and South Korea.

The study stated that South Korea has one of the strongest economies in the world. She attributed this to the highly skilled Korean labor, thanks to the efficiency of the educational system, advanced capabilities in research and development, the dominant position in the field of high-tech electronics and excellent quality infrastructure.

local production

South Korea ranks 14th among the world's strongest economies in terms of real gross domestic product and 28th in the list of the world's most populous markets.

South Korea is known globally for its domination of a number of industries such as nuclear energy, consumer electronics and biotechnology, and has set goals to become a major entity in other areas, including smart grid technology, the Internet of things, and robot technology.

The study showed that the business environment in South Korea is dynamic, as it is home to some of the largest and most diversified companies in the world, including «Hyundai», «E&C», «Samsung for construction and trade», «GS Engineering and Construction», «POSCO Engineering and Construction, ”and“ Delem Engineering and Building, ”noting that South Korea is characterized by an open economy and its integration into the global economy is reflected in the high proportionality of its trade in goods and services to GDP, reaching 84.8% in 2018.

goods and services

South Korea is the eighth globally in the export of goods and services, and the total value of exports amounted to 722 billion dollars, with an annual growth rate of 8%. On the import side, Korea ranked 10th in the world in terms of importing goods and services with a total value of imports of $ 637.8 billion in 2018 and an annual growth rate of 8%.

According to data from the Dubai Chamber, South Korea's total exports of goods in 2018 were about $ 604.7 billion. The main commodity exports were machinery and transport equipment, accounting for 57% of the total merchandise exports. Manufactured products came second with a share of 12.9%, chemicals and related products ranked third with a share of 12.4%.

South Korea's total imports of goods amounted to $ 535.2 billion in 2018. The main imports of goods by product group consisted of: machinery and transportation equipment with a share of 32.5% of total imports of goods, mineral fuel and greases in second place with a share of 25.7%, and manufactured goods with a share 10.9% ranked third, chemicals and related products ranked fourth with 9% share.

The study stated that South Korea has an attractive business environment and encourages foreign investment. And that with the aim of promoting foreign direct investment, the Korean government has introduced many incentives such as cash grants and tax exemptions. In addition, there are many types of special areas for foreign investment, such as free economic zones and free trade zones, which provide tax incentives and other forms of support to investors.

South Korea ranks 25th as the recipient of foreign direct investment in terms of accumulated foreign direct investment in 2018.

Over the years, the total value of the accumulation of these investments recorded an average growth of 6.9%, amounting to $ 231.4 billion in 2018. In 2017, the main list of countries investing in South Korea was formed from the United States, Cayman Islands, Hong Kong, China, Vietnam, Luxembourg, Ireland, United Kingdom, Singapore and Japan. The main sectors that attracted the most foreign investments were financial services and insurance, trade, industry, real estate, information and communication, mining and transportation.

Foreign investment

The Dubai Chamber of Commerce and Industry study confirmed that South Korea has investments abroad since the beginning of the nineties of the last century, and this partly reflects the factor of high costs in South Korea, which encouraged companies to establish their operations in cheaper locations outside the country. In 2018, South Korea ranked 18th on the list of major investors in the world, with a total foreign investment of about 387.5 billion dollars, with a cumulative annual growth of 13.1% over the period (2010-2018).

34.2 billion dirhams, the total imports of South Korea from the UAE.