Abu Dhabi, United Arab Emirates: The 32nd Asia-Pacific Economic Cooperation (APEC) Summit will commence on 31 October in Gyeongju, South Korea, under the theme ‘Building a Sustainable Tomorrow: Connect, Innovate, Prosper’. The summit is one of the world’s most prominent annual economic gatherings, bringing together leaders of major Asia-Pacific economies to exchange insights and advance strategies that promote sustainable and inclusive growth.
This year’s programme will centre on enhancing cooperation in digitalisation, green transformation, and supply chain resilience, while exploring advanced technology opportunities to stimulate economic growth. It will also address ways to adapt to global changes and accelerate innovation in the interests of member economies and their partners.
In this context, the Government of the Republic of Korea has officially invited the United Arab Emirates to participate as a Special Guest at the event. The invitation reflects Korea’s recognition of the UAE’s growing role in supporting a sustainable global economy and reinforces the strong ties of friendship and partnership between the two nations.
According to announcements by the Korea International Trade Association (KITA) and the Korea Trade-Investment Promotion Agency (KOTRA), UAE exports to Korea in 2024 were valued at approximately USD 17.9 billion, while Korea’s exports to the UAE amounted to around USD 5.1 billion.
Crude oil is the UAE’s main export to Korea, accounting for nearly 63% of the country’s total exports. Meanwhile, Korea’s main exports to the UAE include technological products such as automobiles, refrigerators, mobile phones, ships, electrical appliances, and cosmetics.
Bilateral cooperation in investment has also shown a clear upward trend. Korea’s cumulative investment in the UAE stands at approximately USD 2.75 billion, representing 24.6% of its total investment in the Middle East. Meanwhile, in 2023, the UAE announced its plan to invest USD 30 billion in Korea, reflecting the strong mutual commitment to further expand the scope of economic cooperation.
Currently, around 180 Korean companies are operating in the UAE, with active involvement in key sectors including construction, energy, manufacturing, services, finance, and information and communications technology (ICT).
These robust indicators confirm that the UAE has established itself as one of Korea’s key economic partners in the Middle East. Furthermore, in May 2024, the two nations signed a Comprehensive Economic Partnership Agreement (CEPA), providing additional momentum to the UAE’s participation as a Special Guest at the 32nd APEC Summit.
APEC CEO Summit
The summit will also feature the APEC CEO Summit, which will gather leaders of some of the world’s largest corporations to discuss future economic challenges, investment opportunities, and the transformative potential of modern technologies. The Republic of Korea is making significant efforts to ensure the success of the summit, which is being held in Gyeongju for the first time, a city renowned for its historical heritage and modern industrial capabilities. Once the capital of the Silla Kingdom for over a millennium, Gyeongju today stands as a thriving hub of industry, technology, and culture.
This high-level gathering will unite economies representing around two-thirds of global GDP and half of world trade, offering participating nations an exceptional platform to strengthen relationships with major investors and regional decision-makers.
Gyeongju… A city of history, creativity, and cuisine
Gyeongju is one of South Korea’s most celebrated cultural and tourism destinations, famed for its traditional Korean cuisine. Designated by UNESCO as a Creative City of Gastronomy, it offers visitors a wealth of authentic culinary experiences. Exploring its streets and sampling signature dishes such as bibimbap and kongnamul jjigae provides a unique cultural journey that blends rich heritage with vibrant local flavours.
The previous edition of the APEC Summit was attended by numerous world leaders, including United States President Joe Biden, Chinese President Xi Jinping, and Peruvian President Dina Boluarte. Discussions focused on enhancing multilateral economic cooperation, fostering sustainable growth amid current global challenges, and strengthening