ADFD Signs Deal With Export-Import Bank Of Korea

Dubai

The Abu Dhabi Fund for Development (ADFD) signed on Sunday a cooperation agreement with the Export-Import Bank of Korea as part of a programme to enhance the competitiveness of UAE exports.

The agreement comes as the Fund starts the second phase of developing the National Export Programme, which aims to boost the ability of UAE exports to compete in international markets.

The programme, managed by the ADFD, will support the goals of the UAE Vision 2021, reducing dependence on oil revenues and boosting economic diversification. It is also aligned with the objectives of the Abu Dhabi Vision 2030 that seeks to advance sustainable socioeconomic development.

The deal was signed by Saif Al Suwaidi, director general of ADFD; and Sung-soo Eun, chairman and president of the Export-Import Bank of Korea during a visit by a Korean delegation to the UAE. The delegation is headed by South Korean President Moon Jae-in who is in the UAE to discuss boosting partnership between the two countries.

“The National Export Programme will help bridge the financial gap and facilitate robust export opportunities for national companies,” Al Suwaidi said.

“With existing economic relations with relevant entities in 88 countries, ADFD will now also play a key role in enabling UAE companies to penetrate, compete, and flourish in international markets.”

Al Suwaidi added that the agreement is part of the Fund’s mandate to expand its activities to include the UAE to support sustainable growth of the economy.

Phase one of works on the National Export Programme began in July 2017 with ADFD appointing the Korea Development Institute, a Korean think tank, as a consultant to run a feasibility study looking at the need for a UAE-based export programme.