ID :
110622
Tue, 03/09/2010 - 13:51
Auther :
Shortlink :
https://oananews.org//node/110622
The shortlink copeid
UAE-Korea bonds scale to new heights
Abu Dhabi, Mar 9, 2010 (WAM)- The UAE awarding last December of a 20.4-billion-US-dollar contract to build four nuclear power plants to a South Korean-led consortium has ushered relations between the UAE and South Korea into a new strategic turn, a senior Abu Dhabi government official said today.
H.E Nasser Al Suweidi, Chairman of Abu Dhabi Department of Economic Development (ADDED), told the UAE-Korea Business Forum that bilateral economic relations had seen positive and promising developments through the marked increase of the Korean small and medium scale enterprises which found in the UAE a safe, proper launch pad of their operations in the Gulf region.
He said the UAE is second largest oil supplier to Korea and second largest importer from Korea in the Middle East region. The Asian country is also considered one of the key investors in the UAE market of IT, construction, vehicles, and energy.
“The event is being convened at a time when trade relations between the two partners are growing day by day, he added.
The event was organised by the ADDED in conjunction with Korean Ministry of Knowledge Economy and Abu Dhabi Chamber of Commerce and Industry (ADCCI).
ADCCI Director General Mohammed Rashid Al Hamili called upon all Korean key companies, especially in the fields of electronic, automotive, and petrochemical industries, to set up a strategic partnership with the Emirate of Abu Dhabi, as well as to assume an active role in plans and projects of economic development, which are part of the Abu Dhabi Economic Vision 2030.
He said in an address read on his behalf by Mohammed Al Refaei, Director of Foreign '&' Trade Relations Department, that: “South Korea has long remained on top of the trade partners' list for both the UAE and Abu Dhabi; and the two-way trade has multiplied over the years as the UAE's imports from South Korea went up to 10.33 billion dirhams late in 2007 compared to 6.5 billion dirhams in 2005.
Furthermore, by the end of 2009, the number of South Korean companies had gone up to 43 ones operating in various fields and sectors in the Emirate of Abu Dhabi.
“In addition, 9 new Korean companies have been registered since the beginning of this year; thus, the total number of Korean companies operating in the emirate is 52 spanning a variety of spheres and sectors.
“Bilateral ties of economic co-operation witnessed a qualitative advance last December after the Emirates Nuclear Energy Corporation had announced its choice of the companies' alliance led by the Korean Electric Power Company (KEPCO) for designing, building and assisting in operating nuclear energy stations in the UAE. This is part of the UAE's peaceful programme for nuclear energy and the relevant contract is estimated at 20 billion US dollars,” he added.
“Such considerable and constructive co-operation between the two friendly countries will help lay the foundation for both an industrial infrastructure and trade relations that would serve the progress and prosperity of the UAE economy.
“I seize this occasion of convening the Forum to stress the importance for Korean industrial companies and businesses to establish production and assembly units of their own in Abu Dhabi and to make use of facilities and services being provided by economic zones, chiefly given that the UAE and other GCC and Middle East countries are one of the biggest markets for Korean industries,” he said.
This, he noted, is particularly applicable in relation to the realm of electronic and automobile industries. Therefore, by setting up their production and assembly units in Abu Dhabi where there is an easy access to such markets, Korean industrial companies can nurture their products' competitiveness owing to the lower costs of production and transport. In addition, thanks to Abu Dhabi's strategic location, Korean industrial units can readily and easily find their way from here to European markets as well.
“I affirm to you that our chamber is fully willing to support Korean companies desirous of operating and investing in Abu Dhabi, as well as to provide all facilities required for making Korean investment in the emirate a success,” he concluded.
H.E Nasser Al Suweidi, Chairman of Abu Dhabi Department of Economic Development (ADDED), told the UAE-Korea Business Forum that bilateral economic relations had seen positive and promising developments through the marked increase of the Korean small and medium scale enterprises which found in the UAE a safe, proper launch pad of their operations in the Gulf region.
He said the UAE is second largest oil supplier to Korea and second largest importer from Korea in the Middle East region. The Asian country is also considered one of the key investors in the UAE market of IT, construction, vehicles, and energy.
“The event is being convened at a time when trade relations between the two partners are growing day by day, he added.
The event was organised by the ADDED in conjunction with Korean Ministry of Knowledge Economy and Abu Dhabi Chamber of Commerce and Industry (ADCCI).
ADCCI Director General Mohammed Rashid Al Hamili called upon all Korean key companies, especially in the fields of electronic, automotive, and petrochemical industries, to set up a strategic partnership with the Emirate of Abu Dhabi, as well as to assume an active role in plans and projects of economic development, which are part of the Abu Dhabi Economic Vision 2030.
He said in an address read on his behalf by Mohammed Al Refaei, Director of Foreign '&' Trade Relations Department, that: “South Korea has long remained on top of the trade partners' list for both the UAE and Abu Dhabi; and the two-way trade has multiplied over the years as the UAE's imports from South Korea went up to 10.33 billion dirhams late in 2007 compared to 6.5 billion dirhams in 2005.
Furthermore, by the end of 2009, the number of South Korean companies had gone up to 43 ones operating in various fields and sectors in the Emirate of Abu Dhabi.
“In addition, 9 new Korean companies have been registered since the beginning of this year; thus, the total number of Korean companies operating in the emirate is 52 spanning a variety of spheres and sectors.
“Bilateral ties of economic co-operation witnessed a qualitative advance last December after the Emirates Nuclear Energy Corporation had announced its choice of the companies' alliance led by the Korean Electric Power Company (KEPCO) for designing, building and assisting in operating nuclear energy stations in the UAE. This is part of the UAE's peaceful programme for nuclear energy and the relevant contract is estimated at 20 billion US dollars,” he added.
“Such considerable and constructive co-operation between the two friendly countries will help lay the foundation for both an industrial infrastructure and trade relations that would serve the progress and prosperity of the UAE economy.
“I seize this occasion of convening the Forum to stress the importance for Korean industrial companies and businesses to establish production and assembly units of their own in Abu Dhabi and to make use of facilities and services being provided by economic zones, chiefly given that the UAE and other GCC and Middle East countries are one of the biggest markets for Korean industries,” he said.
This, he noted, is particularly applicable in relation to the realm of electronic and automobile industries. Therefore, by setting up their production and assembly units in Abu Dhabi where there is an easy access to such markets, Korean industrial companies can nurture their products' competitiveness owing to the lower costs of production and transport. In addition, thanks to Abu Dhabi's strategic location, Korean industrial units can readily and easily find their way from here to European markets as well.
“I affirm to you that our chamber is fully willing to support Korean companies desirous of operating and investing in Abu Dhabi, as well as to provide all facilities required for making Korean investment in the emirate a success,” he concluded.
