JUNEASIA BUSINESS OUTLOOK8According to a joint statement, Abu Dhabi organisations have found around $2 billion investment potential in South Korea since the two sides agreed to enhance economic ties in January.During South Korean President Yoon Suk Yeol's January visit to Abu Dhabi, the UAE committed to spending up to $30 billion in the Asian country in sectors such as energy and information technology."To date, Abu Dhabi organisations have assisted in identifying approximately $2 billion in potential investment opportunities in Korea," said Korea Development Bank and Mubadala Investment Company in a joint statement on Monday.It did not go into detail about the anticipated investments.Since the summit, the two organisations have been discussing additional investment. The Australian government announced on May 22 that it will submit legislation to classify buy-now-pay-later (BNPL) services as credit products, in an effort to protect customers in a largely unregulated market.BNPL firms often offer on-the-spot interest-free short-term loans with minimum credit checks that spread payments and are mostly used by cash-strapped persons who are taking on debt, sometimes more than they can afford to buy."They are very popular, but we need to make certain that we can manage them appropriately," Treasurer Jim Chalmers told ABC television. "The best way to accomplish this is to legislate and regulate as a credit product, so that we can manage some of the risks."Because they do not charge interest, they are immune from consumer credit regulation, and the sector has seen a spike in activity during an online buying spree fueled by COVID-19 stimulus payments and ultra-low interest rates.However, repayment problems have grown as Australia confronts high inflation, which is now reaching 30-year highs. NEWSROOMABU DHABI TO INVEST $2 BILLION IN SOUTH KOREA TO ENHANCE ECONOMIC TIESAUSTRALIA TO REGULATE BNPL SERVICES AS CREDIT PRODUCTS
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