South Korea and the United Arab Emirates (UAE) will closely cooperate in energy, infrastructure, the fourth industrial revolution, and the medical sector, the finance ministry here said Friday.
The agreement came in the sixth round of economic cooperation meetings between South Korea's Finance Minister Kim Dong-yeon and his UAE counterpart Sultan Saeed Nasser Al Mansoori.
South Korea and the UAE have been holding the minister-level economic meetings in order to strengthen bilateral cooperation in the energy, infrastructure and intellectual property sectors.
According to the ministry, the two nations agreed to further build up cooperation for oil field development and renewable energy development.
They also agreed to strengthen collaborative research on the fourth industrial revolution, and exchange human resources.
The partners said they will share know-how to nurture smaller firms and startups in each area, and further boost cooperation in the medical sector, according to the ministry.
The resource-rich Middle Eastern country was the second-biggest overseas construction market for South Korea in 2015 and its fifth-largest supplier of crude oil. (Yonhap)