Minister of Economy, Korean Minister discuss industrial, trade cooperation ties

Seoul: Sultan bin Saeed Al Mansouri, Minister of Economy has discussed with South Korean Minister of Trade, Industry and Energy Yoon Sang- jick on the sidelines of 4th UAE-Korea Joint Economic Committee, the ways to strengthen cooperation between the two countries in sectors of industry and trade. During the meeting, Al Mansouri praised the level of relations between the two countries, thanks to the leaders of both countries. He added that the cooperation in sector of industry with South Korea "is extremely important to the UAE in the light of economic diversification policy that aims to increase the state's domestic product." Al Mansouri underscored that South Korea has huge industrial experience that catapulted it to become one of the major industrial countries, adding that the UAE is keen on the technology and knowledge transfer to the industrial sector through benefiting from advanced experiences from the developed countries, among others, South Korea. He added that the industrial sector is a main machinery in the national economy performance, and a major player for the diversification of sources of income. The industrial sector in the UAE contributes 10- 14 per cent to the GDP. For his part, the South Korean minister stressed keenness of his country on benefiting from the pioneer UAE experience in business practices, commending the huge progress scored by the UAE, which was ranked 32nd globally out of 189 states in the Global Competitiveness Report. The UAE delegation toured The Seoul TechnoPark, which includes 50 Korean companies, laboratories and main offices. – Emirates News Agency, WAM