With an aim to boost export financing and strengthen bilateral relationships, Abu Dhabi Exports Office (ADEX) is in talks with the Export-Import Bank of Korea (KEXIM). The former received the officials from KEXIM earlier this month for a meeting that was led by Khalil Al Mansoori, the Acting Director-General of ADEX, and Cholkyu Lee, Chief Representative of KEXIM’s Dubai office.
What Are ADEX and KEXIM?
Established in 2019, ADEX aims to provide financing solutions and guarantees to UAE exporters and import companies dealing with the Emirates. It seeks to drive diversification and growth of the UAE export on the back of stronger partnerships with international institutions. The business aims to incorporate the issue of reducing financial risks encountered by Emirati exporters when entering global markets, as well as offering loans and guarantees to overseas purchasers interested in purchasing and exploring UAE products and services.
Meanwhile, KEXIM is South Korea’s official export credit agency, offering financial assistance with export and import operations, abroad ventures, and natural resource utilization. Its goal is to help South Korea’s economy thrive and strengthen its economic cooperation with other countries.
The Officials at the Meeting
The important meeting was attended by senior officials from both sides and the topics discussed included co-financing solutions for Korean organizations that are exploring goods and services imported from the UAE. During the meeting, the present officials also discussed projects that are to be implemented by Korean EPC contractors, when using materials or expertise from the UAE.
As quoted by the national news agency WAM, Al Mansoori said, “our meeting was a testament to the commitment of the two institutions to enable the export industry of our countries to achieve their aspirations and objectives. We are confident that our discussions will significantly positively impact the export dynamics and relations between the UAE and South Korea. However, the larger objective of our endeavor is to boost our respective economies.”
The Current Trade Standing
It is worth noting that in the first half of 2021, non-oil trade between the two countries grew to $2.17 billion, while the UAE exports to South Korea rose by 55% annually to more than AED 300 million. The volume of non-oil trade between the two countries was about AED 4.9 billion in 2022, as per a leading national daily in the UAE.
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