The South Korean government will offer more loans to help its companies finance commitments in the UAE ranging from energy to information technology.
Bahk Jaewan, the country's minister of strategy and finance, said Seoul had not always done enough to support its businesses abroad.
"Although Korean firms have world-class competitiveness and technology, the financing has not always provided enough support," he said during a visit to the UAE.
"We will continue to increase the capital of the Korean Eximbank [export-import bank] to ensure Korean companies engaging in projects in the UAE will be able to go ahead with no glitches."
South Korea's cabinet last week agreed to raise the capital of the state-run export credit agency to help Korean business interests abroad. It provided credits totalling 64.3 trillion South Korean won (Dh208.71 billion) in 2010. Trade between the UAE and South Korea is growing and this year is expected to beat last year's US$22.1bn (Dh81.17bn), Mr Jaewan said.
The export credit agency is helping to bankroll a $20bn contract Abu Dhabi awarded in 2009 to a Korean consortium to build and operate four nuclear reactors.
"The initial commitment [from the Exim Bank] was up to $10bn but the deal is still being negotiated," said Mr Jaewan.
"The negotiation is not on the final amount but on the conditions and details. Sooner or later the deal will be finalised."
The agency has played a central role in recent years.
One of the main reasons for last year's surge in trade was higher oil prices upping the value of the UAE's crude oil exports.
Abu Dhabi's oil supplies are likely to become even more important this year as Iran curbs exports in response to global sanctions.
"Korean firms have been reducing their Iranian corridor import, but when the sanctions come into full effect on June 28 the Iranian oil import will reduce even further," said Mr Jaewan. "Given the situation, the UAE's importance will increase as an alternative source for Korean companies."
Following the South Korea president Lee Myung-Bak's visit to the UAE this year, South Korea sealed a deal with Abu Dhabi National Oil Company to take a 40 per cent stake in two onshore and one offshore oil concessions.
But the two countries' partnership on oil is acting as a springboard for closer ties in other areas.
For example, the UAE has offered to contribute $15 million to help launch South Korea's Global Green Growth Institute. In return, the institute will help to shape the UAE's environmental green growth vision.
"In addition, South Korea has high strength in information technology and the UAE has made big strides on the IT front, if the two countries can cooperate with each other it will be tremendously helpful," said Mr Jaewan. "Also, as the UAE moves towards industrial diversification they will need more professional human resources so if we can co-operate on developing human resource skills it will help to speed up the UAE's progress towards a knowledge- based economy."
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