UAE and Korea bilateral trade reaches $22bn

Bilateral trade between the United Arab Emirates and South Korea amounted $22 billion and business relations between the two countries are poised for further growth, COE of Foreign Direct Investment Office (FDI) in Dubai Fahad Al Gergawi said. He said this at a press conference held in Dubai to announce the third UAE-Korea Economic Partnership Forum, to be held in Seoul between May 27-28, 2013 with the aim of boosting economic ties and attract more investments opportunities between the two countries. Out of 200 participants, 80 UAE-based companies will be present out of which 25 companies will be from Dubai. Pointing to 300 Korean companies registered in the UAE and over 12,000 Korean residents, Al Gergawi said: “South Korean firms and investors have been pioneers in leveraging Dubai’s advantages as a regional hub.” Non-oil trade between Dubai and South Korea grew steadily during the past decade and climbed to $22 billion in 2011 from $19 billion in 2010.” He remarked that through the UAE, foreign investors could have a wider field to link to over 2.2 billion consumers in the Middle East, Africa and South Asia in the potential of financial services, healthcare, green technologies, transport, tourism and real estate sectors. Ali Ebrahim, Deputy Director General for Planning and Development Affairs at the DED, said that Korea is the tenth strategic partner for the UAE in vital sectors. “There are further avenues where the UAE and South Korea can create game-changing synergies and Dubai particularly sees immense opportunities in South Korea’s cutting-edge technology as well as its focus on innovation and small and medium enterprises,’ he added. On the other side, the UAE-South Korea trade through the free zones areas accounted for $2.2 billion of the country’s overall trade in 2012, Ebrahim Al Janahi, the Deputy CEO and CCO of Jafza, said. The forum will include a trade exhibition featuring a number of meetings and discussions between businessmen and major Korean companies in addition to a number of investors. The exhibition is also expected to attract a number of companies from different sectors like trade, IT, manufacturing, tourism, healthcare, power, finance, aviation, construction and real estate.