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167793
Sun, 03/13/2011 - 12:38
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https://oananews.org//node/167793
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UAE-South Korean relations reflect qualitative development, strategic partnership
Abu Dhabi, March 13, 2011 (WAM) - The bilateral relations between the United Arab Emirates and South Korea are witnessing qualitative development in political, economic and cultural spheres, thanks to the keen interest of President His Highness Sheikh Khalifa bin Zayed Al Nahyan and the President of South Korea Lee Myung-bak, in promoting them to full economic and investment partnership.
President Lee Myung-bak's visit to Abu Dhabi Saturday is of particular significance as it is part of common interest in promoting, and adding momentum to the bilateral relations to make more achievements in the best interest of the two friendly countries and peoples.
This is the second official visit to the UAE by South Korean President in less than two years. His first UAE visit in December 2009 saw the signing of a number of cooperation agreements between South Korea and the UAE.
On December 27th, 2009, President His Highness Sheikh Khalifa bin Zayed Al Nahyan and visiting South Korean President Lee Myung-bak attended the signing of a series of landmark cooperation agreements between the UAE and South Korea.
The two presidents patronised a grand ceremony for striking an Dh75 billion contract between the Emirates Nuclear Energy Corporation (ENEC) and a consortium of South Korean and US companies led by Korea Electric Power Corporation (KEPCO) to design, build and help operate and maintain four civil nuclear power plants for the United Arab Emirates' peaceful nuclear energy program.
The joint cooperation agreements were inked by UAE Foreign Minister H.H. Sheikh Abdullah bin Zayed Al Nahyan and South Korea Minister of Knowledge Economy Choi Kyung-hwan.
The agreements cover a framework protocol for boosting the economic partnership to further strengthen bilateral cooperation. Under the agreement, the two countries will set up a higher committee and a number of sub-committees to facilitate cooperation in diverse fields as peaceful nuclear energy, renewable energy, energy efficiency and sustainability, information technology and communications, semi-conductors, shipbuilding and human resources development.
The agreements cover a framework protocol for boosting economic partnership to further strengthen bilateral cooperation. Under the agreement, the two countries will set up a higher committee and a number of sub-committees to facilitate cooperation in diverse fields as peaceful nuclear energy, renewable energy, energy efficiency and sustainability, information technology and communications, semi-conductors, shipbuilding and human resources development.
Towards enforcing the framework agreement, the two sides also sealed three complementary agreements including a memorandum of understanding between Abu Dhabi Future Energy Company (Masdar) and Korean Ministry of Knowledge Economy for facilitating joint cooperation in renewable energy.
A multi-lateral agreement on education and human resources development was concluded between Khalifa University of Science, Technology and Research (KUSTAR) and Institute of Applied Technology and Korea Advanced Institute of Science and Technology, Korea Electric Power Corporation, Human Resources Development Service of Korea (HRD) and Korea Development Institute.
A multi-lateral agreement on education and human resources development was concluded between Khalifa University of Science, Technology and Research (KUSTAR) and Institute of Applied Technology and Korea Advanced Institute of Science and Technology, Korea Electric Power Corporation, Human Resources Development Service of Korea (HRD) and Korea Development Institute.
The Abu Dhabi Systems and Information Centre and Korea Development Institute reached an agreement for exchange of information and communications technology.
In a statement after the ceremony, the UAE President said relations of friendship between the UAE and South Korea were progressing steadily and hoped these new agreements would take a qualitative leap in bonds between the two friendly countries.
"Our relationship with South Korea, which has seen sustainable growth in recent years, and has ushered into a new era of strategic partnership which will serve interest of the two countries," Sheikh Khalifa said.
As he welcomed his Korean counterpart, Sheikh Khalifa hoped his visit would further bolster joint cooperation in various domains. For his part, the Korean Head of State said he was grateful to the UAE for awarding the multi-billion contract to the consortium of Korean companies and for forging strategic partnership with his country. He pledged to maximise efforts to push bilateral relations ahead.
After the signing ceremony, UAE Foreign Minister H.H Sheikh Abdullah bin Zayed Al Nahyan said: 'As negotiations between the UAE and South Korea on peaceful nuclear energy advanced, the two governments discovered the huge potentials for joint cooperation in various fields." For his part, South Korea Minister of Knowledge Economy Choi Kyung-hwan expected "the agreement on economic partnership to lay a solid foundation for expanding bilateral cooperation, which is based on energy and resources." He expressed hopes that "the said partnership would expand to include communications technology and renewable energy." In May 2010, His Highness General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, made an official three-day visit to South Korea upon an invitation from President Lee Myung-bak.
During the visit, Sheikh Mohammed and South Korean officials discussed matters of common concern as well as ways to further bilateral relations in various domains between the United Arab Emirates and South Korea.
He underscored the deep relationships between the UAE and South Korea, noting that they undergo strategic development thanks to the support and directives of President His Highness Sheikh Khalifa bin Zayed Al Nahyan.
Sheikh Mohammed also stressed that the deal worth Dh75 billion won by the South Korean-led consortium is the largest in the history of the two nations' relationship.
He reiterated keenness of the UAE to boost cooperation with South Korea in the area of clean energy, technology, information technology, small and medium enterprises (SME).
Sheikh Mohammed welcomed the South Korean investments in the UAE, citing the existence of about 130 South Korean Companies operating in a number of heavy industries and information technology in the UAE.
He added that the depth of the economic relations between the two countries could be seen through continuous growth in the volume of exchange trade, which surged by 43 per cent in 2009, noting that South Korea is one of the top trade partners of the UAE, referring to the increment of the South Korean investments in the emirate of Abu Dhabi, where over 130 South Korean companies operate in a number of sectors, notably, the heavy industries and information technology. These reflect the growth of joint vital interests between the two countries.
The UAE is ranked as the second country in exporting oil to South Korea, while the UAE is the second importer for South Korea in the Middle East. There are a number of joint agreements between the two countries to expand horizons of the bilateral cooperation in all fields.
Sheikh Mohammed referred to the joint cooperation agreements signed in November 2009 between Abu Dhabi Department of Economic Department (DED) and the South Korean Finance Ministry to set a long term budget in the framework of the Abu Dhabi DED vision.
He underlined that the UAE-South Korean relations stem from joint political will that is fully cognizant about the nature of joint interest, a thing that provides to the relations diverse opportunities, firmness, and add to them greater dynamics and flexibility in a way that gives momentum for future development.
The Abu Dhabi Crown Prince stressed the significance of the strategic links between the UAE and South Korea, adding that "we look forward to expanding cooperation and joint work to tackle the regional and international challenges, support peace and stability worldwide and maintain compatibility of two countries regarding the foreign policy.
He called on the private sector to optimise efforts to bolster the relations in a manner that nurtures the joint interests of the two countries. "The South Korean development model is admirable. In the UAE we have built a strong liberal economy, and look forward to developing and strengthening our ties with the world's active economic powers, among others, South Korea.
Sheikh Mohammed and the South Korean Prime Minister Chung Un-chan attended a ceremony of launching the UAE-South Korean Business Council in the presence of H.H. Sheikh Abdullah bin Zayed Al Nahyan, UAE Foreign Minister.
The Abu Dhabi Crown Prince said the council would further boost the relations between the UAE and South Korea, and would avail more opportunities to expand the joint cooperation between the two countries and peoples. He hopes that the UAE-South Korean Business Council will bolster the sustainable economic development in the two countries.
For his part, the South Korean PM stressed the distinguished role that could be played by the council through opening more cooperation channels between the two governments, welcoming the launch of the business council.
He expressed hopes that the council will complement what was started by the governments of the UAE and South Korea regarding the strategic cooperation through expanding it to become long term partnership with the private sector in areas that exceed cooperation in the nuclear energy.
He urged the council members to do their best to create more job opportunities in both countries, stressing that the South Korean government will exert its efforts to make the activities of the council successful.
Khaldoun Khalifa Al Mubarak, Chairman of the Executive Authority Affairs and Koo John, Vice President of Korean LG Corp signed a Memorandum of Understanding of setting up the business council. The setting of the council aims at providing businesspersons in both countries with future cooperation opportunities and specifying them. It will also specify impediments to the economic relations, and promote policies that support economic relations. It will assist the visiting delegations or companies or members. The council will finance and organise conferences, symposiums and exchange information about the markets in both countries.
It is expected that the business council will avail many opportunities to the private sector in both countries, and will let businesspersons benefit from them.
Immediately after officially commencing its activities, the business council will receive a number of companies from both countries to strengthen the relations between the UAE and Korea in the economic and trade areas, and explore potential investment opportunities.
Despite the historic strength of the trade relations between the UAE and South Korea, yet the winning of South Korean Consortium of tender to build four nuclear actors to generate the electricity in the UAE, has taken the economic relations to another dimension.
Earlier the South Korean PM received in Seoul UAE Economy Minister Sultan bin Saeed Al Mansouri. The two sides discussed during the meeting the bilateral relations. The South Korean PM lauded the progress being experienced by the UAE at different levels, referring to the distinguished ties between the two countries, especially in the area of nuclear energy in which the UAE and South Korea were already working to develop the strategic project in this field.
He stressed preparedness of his country to cooperate with the UAE, especially in the innovation, technology, SME, medicine, education and healthcare. He welcomed the proposal of Al Mansouri to invite the elite of Emirati students to South Korea to have specialised training sessions in the areas of technology, education and medicine.
Al Mansouri briefed the South Korean PM on the results of joint economic committee, stressing keenness of the UAE to promote the cooperation ties and coordination with South Korea. He cited that both countries enjoy attractive economic potentials that could be further developed through specification of the vital sectors, especially in the areas of innovation, technology, SME, medicine, education and healthcare.
Regarding SME, Al Mansouri asked the South Korean PM to exchange expertise with the South Korean part due to the extensive Korean expertise in the SME sector, which constitutes 99 per cent of the South Korean Companies- about over three million South Korean SME Companies.
Meanwhile, Al Mansouri reiterated in his inaugural speech in the second meeting of the UAE-South Korean joint economic committee, the significance of building stronger ties with South Korea, extending them to the level of the political relations. He underscored that the UAE is prepared at the public and private levels to bolster the framework of joint cooperation with the South Korean side in different sectors to raise the level of mutual investments in all fields within the next five years.
The UAE minister emphasised the importance of boosting the economic diversification policies in both countries, and opening wider horizons in all the economic fields, especially in the areas of innovation, research, development, SME, intellectual property, industry, aviation, scientific cooperation, which supports the knowledge driven economy that has become the strategic objective of the UAE government.
During the meeting Al Mansouri stressed the importance of cooperation with the South Korean side in the area of nuclear energy for peaceful purposes, especially that the two countries were already working for the strategic project in this respect. He expressed hopes for similar projects in the nuclear energy field in the future.
He referred to the surge in the trade exchange between the two countries, which stood at US$14.5 billion in 2009, through adoption of joint plan to increase this rate through joint meetings and economic forums that gather businesspersons and decision makers in both countries under one roof to consult over activation of joint relations.
Al Mansouri shed light on the UAE economic policies, economic potentials, attractive investment environment supported by the advanced infrastructure such as airports, seaports, communications, transport, logistics services and free trade zones, which contributed to existence of over 3000 world companies discharging their economic activities in an exemplary investment environment in the UAE. These advantages avail venues to the world markets for exportation and re-exportation of their products and technologies.
The minister reiterated in his speech the importance of the private sector in the UAE and Korea, where both countries can benefit from them through the exchange of investment projects and identifying economic sectors that are characterised by the investment opportunities of mutual interest.
Al Mansouri welcomed all Korean companies to identify attractive investment environment in the UAE as one of the most competitive and dynamic economies in the world.
For his part, the Korean Minister of Strategy and Finance Yoon Jeung-Hyun spelt out his country's readiness and commitment to implement what has been agreed upon with the UAE side, and praised the distinct status UAE has obtained on the world map, its national economy and the attractive investment environment.
He said that the UAE is one of the most strategic countries to Korea as it enjoys several strategic capabilities that make it compete in the international arena and build viable economic relations with major international economies.
In the meeting of the UAE-South Korea joint Commission, they discussed the frameworks of cooperation in the fields of investment and small and medium enterprises, health care, energy, education, air transport and the environment, innovation, e-government and statistics, intellectual property, infrastructure and construction.
The two sides confirmed their commitment to follow-up to the implementation of what has been agreed through the formation of specialised task forces to follow closely the implementation mechanism and the axes of cooperation agreed upon.
The UAE established bilateral relations with the Republic of Korea early in 1980 and these relations have witnessed continued development at all levels. It facilitated exchange of experience in various fields.
The bilateral relations have developed significantly over the past five years and have been upgraded to a strategic relationship which has been implementing a series of mutual visits at the leadership levels. This culminated in signing cooperation agreement in 2009 in the field of building peaceful nuclear reactors in the UAE, and through this agreement the Korean industry earned a good reputation for competence in the light of the rival companies in major industrialised countries.
A Joint Economic Committee was established between the two countries in June 2007 and its first
meeting was held in Abu Dhabi.
The Korean economy is one of the strongest Asian economies and is ranked fourth among the countries of Asia and the thirteenth in the world in terms of gross domestic product of US$ 1. 343 trillion in 2009 while exports totalled about US$363 billion.
Late last year the Abu Dhabi - South Korea Investment Forum was held in Abu Dhabi in cooperation with Korea Trade-Investment Promotion Agency (KOTRA) and the Korean Ministry of Knowledge Economy.
In his keynote speech in the Forum, Park Young June, the Vice Minister of knowledge Economy in the Republic of Korea, praised the 30 years of cooperation between both countries and the strategic partnership taking shape with Abu Dhabi.
The vice minister explained the path of the Korean economy moving from harmonious growth to sustainable growth, and revealed one of the secrets of the Korean economic model, linking between the sustainable industrialisation and the technological self efficiency, "which is an essential path for the progress of the industry in Abu Dhabi, and to which Korea is ready to contribute".
He praised the bilateral investment agreements concluded with Korean and Emirati companies, as well as the agreement between Seoul chamber of commerce and Abu Dhabi Chamber of Commerce and Industry, inviting investors from both countries to benefit from the closer trade and investment ties between Korea and Abu Dhabi.
In his keynote speech, Mohammed Omar Abdullah, undersecretary of Abu Dhabi Department of Economic Development, agreed with the invitation of the Korean official to mutual investment, seeing that it is time to explore beneficial opportunities.
He praised the agreements signed between Sunglim Plant System and Hadeed Emirates Contracting, seeing that this opens the door to further cooperation between the private sector in both countries.
He added that the agreement between the Seoul chamber of commerce and Abu Dhabi Chamber of Commerce and Industry reveals how serious they are to further cooperate, seeing this agreement as a crowning to a long established relationship between the two chambers, and this will be in the best interest of both parties and economies.
He said that the agreements "will further consolidate our already long and excellent relationship".
Abdullah invited participants from both sides to further explore how they may work together in a mutually beneficial way.
He said in his inaugural speech: "As you may know, the UAE was Korea's top export destination last year, and the UAE was the second largest importer into Korea from the Middle East. Bi-lateral trade has grown substantially during the last few years, in a growing trend which promises a lot of mutual benefits".
The revealed that: "In addition to our interest in the Korean nuclear experience, which resulted in granting a Korean consortium the award of establishing our first nuclear reactors, we are also engaged in discussions on SMEs; in various areas of science and technology; infrastructure development; financial services; healthcare services; ‘e-government'; as well as in statistics, environmental cooperation, and the important area of Intellectual Property Rights".
He concluded by saying: "I am certain that you will find this Forum insightful and informative, and find new opportunities to cooperate in a profitable manner, and that today will represent a further step in our long and fruitful relationship".
Korean participants were then introduced to Abu Dhabi Economic vision 2030 and the economic plan which will interpret this ambitious vision. Then the Korean side presented the investment opportunities in Koreas and promising industries and incentives.
In a later statement, the South Korean Foreign Minister Kim Sung-hwan, underscored that the UAE-South Korean relations have been recently scoring huge success in all areas of cooperation.
He told Emirates News Agency (WAM) in an exclusive interview, on the occasion of his formal visit to the UAE in February this year that he discussed with his counterpart UAE Foreign Minister H.H. Sheikh Abdullah bin Zayed Al Nahyan, a number of issues to further bolster the bilateral relations in the political, economic, cultural, social and judicial fields.
Sung-hwan said his talks with Sheikh Abdullah will enhance cooperation ties and friendship between the two countries.
The South Korean FM described the UAE as the biggest economic partner to South Korea in the Middle East and North Africa, stressing that the existing cooperation between the UAE and South Korea extends to different areas, including nuclear energy, development of human resources, renewable energy, shipbuilding, semiconductors, communications and information technology.
On future of the UAE- South Korean relations, he said "during the visit of South Korean President Lee Myung-bak to UAE in Dec. 2009, the two countries pledged to upgrade the ties to the strategic partnership. Since then the relations grew steadily in unprecedented manner in all fields including the politics, military affairs, culture, health and education".
The South Korean FM added that the momentum of the relations' growth culminated with the visit paid to South Korea last May by His Highness General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
He noted that the UAE was one of the first countries, which denounced the attack launched by North Korea on South Korea territories in November last year. He added that Etihad Airways, a UAE local carrier, launched in Dec. 2010, daily trips between Abu Dhabi and Seoul. In January, South Korea dispatched 130 soldiers to Al Ain city for joint military training. Sung-hwan said the UAE and South Korea signed many memoranda of understanding in different fields, among others, the nuclear energy, and human resources development.
South Korea - GCC trade volume stood at over US$60 billion. GCC is the fourth largest trade partner to South Korea after China, Japan and US respectively.
UAE's Institute of Applied Technology (IAT), the Emirates Nuclear Energy Corporation (ENEC), Korea Electric Power Corporation (KEPCO) and Sudo Electric Technical High School (SEHS) signed a collaboration agreement earlier last year for training of students.
According to the agreement, ENEC will sponsor 50 IAT Grade 11 students to undergo practical training at KEPCO in Korea and theoretical training at Sudo High School, as part of the cooperation to develop Abu Dhabi's nuclear industry educational infrastructure required for the operation of the nuclear power plants that ENEC has engaged KEPCO to construct in Abu Dhabi.
"This is the implementation of the agreement between the UAE and South Korea in building the nuclear power plant in the UAE, starting with the implementation of manpower needs to serve the requirements of operating the nuclear manpower plant that will be established in the UAE in 2017," said Dr Abdullatif Al Shamsi, director general of IAT.
South Korea's Ambassador to UAE Kwon Tae-Kyun told WAM in an interview that in 2010, Korean construction firms won various projects in the UAE, collectively worth US$25.6 billion including the nuclear power project.
This is a record-high amount, representing an increase of US$9.7 billion from US$15.9 billion in 2009. Of the projects that Korean companies won, the nuclear power project is by far the largest. They are also winning various other construction and plant-related orders in such diverse sectors as oil and gas development, petrochemical, electricity and architecture, noted the ambassador. "I believe this success is attributable to the fact that Korean construction companies have secured global competitiveness and capabilities, and that such excellence has been widely recognised by the clients in the UAE", he said.
Major projects include oil refinery and gas projects such as the Ruwais refinery expansion project awarded by Takreer in 2009 (US$9.7 billion) and the Shah gas development project, petrochemical projects such as the Borouge-3 expansion awarded by Borouge, and infrastructure development projects such as the Khalifa port development with Abu Dhabi Ports Company, and architecture projects such as the Cleveland Clinic development on Sowwah Island.
"In the future, I hope that more Korean companies will enter the UAE's manufacturing sector such as machinery and IT as well as service sectors including medicine and health care, building on the success in construction and plants. Korean companies, with their experience and expertise, will play a role conductive to the UAE's further development while helping solidify the bilateral relations between Korea and the UAE" the ambassador predicted.
Shedding light on the volume of trade exchange between UAE and S.Korea, the ambassador said that the UAE is the second largest exporter of oil to Korea following Saudi Arabia, and Korea imports about 100 million to 120 million barrels of oil from the UAE annually.
Thus, the trade volume between the two countries varies depending on the international crude oil price. More specifically, it peaked at US$25 billion in 2008 when the annual average crude oil price came near US$100, whereas in 2009, it recorded US$14.3 billion due to falling oil prices and the global economic recession. In 2010, the trade volume up until November reached US$15.7 billion, and non-oil trade between the two countries has recovered its 2008 level, he added.
Meanwhile, the UAE is the biggest export market for Korea in the Middle East. Korea exported goods worth US$5 billion in 2009 and US$4.7 billion in 2010 (as of November 2010), and Korea's major export items include ships, automobiles, electronic appliances, textile and steel structures.
Meanwhile, the UAE's exports of oil, petroleum products and aluminium to Korea, among others, amounted to US$9.3billion in 2009 and US$11billion in 2010 (as of November 2010), the ambassador noted.
Etihad Airways had recently launched daily flights between Abu Dhabi and Seoul which became the national carrier's 65th destination. "This is an important time for Etihad Airways as we start to establish our brand in the Korean market," said James Hogan, Chief Executive Officer of Etihad Airways.
"Korea is one of the UAE's key partners and Etihad Airways flights would certainly boost that partnership. During the past two years, Korean firms sought to make a strong presence in the UAE, particularly in the fields of clean energy, construction, technology and SMEs," he added.
"We've already got a strong bridge between Seoul and Abu Dhabi. There are many Korean firms in the UAE and around 6,200 Koreans living and working in the country." The new service will offer air travellers onward connections via Abu Dhabi to a number of key destinations across the airline's global network, including the Gulf, Istanbul, Athens, London and Paris.
Minister of Foreign Trade Sheikha Lubna bint Khalid al Qasimi said the launching of Etihad Airways direct route between Abu Dhabi and Seoul would further help strengthen strategic ties between UAE and Korea, increase tourism and bring closer peoples of the two countries.
Stressing the importance of the new route in enhancing commercial and tourism cooperation, the Korean Ambassador to the UAE described the launching "a major step in the journey of UAE-Korean relations." He said that based on the contracts awarded to Korean firms during the last two years, it was expected that 8,000 to 9,000 Korean citizens will come to the UAE in the next four years to work in the construction sector.
"If we take into consideration the numbers of family members accompanying the workers, we would then realise the importance of the route, in line with the strategy of Abu Dhabi to further enhance its image as a global hub for transport," he noted.
He revealed that during 2010, around 2,500 Emirati tourists visited South Korea.
A delegation from the Abu Dhabi Authority for Culture and Heritage (ADACH) recently visited Korea and toured a number of cultural and academic institutions in order to exchange experiences and share in the achievements of these bodies in the fields of literature, translation, technology and the book industry, as well as exploring methods of cultural co-operation.
Jumaa Al Qubaisi, Deputy Director General of ADACH for the National Library, and Dr Ali bin Tamim, Director of Kalima, ADACH's translation project, met with Dr. Kim Yoon-Jin, Deputy Director of the Korea Literature Translation Institute (LTI Korea), following an invitation from the Institute.
A number of issues were discussed, including the participation of the Institute in the Abu Dhabi International Book Fair, the translation of classic and contemporary Korean literature into Arabic, and the translation of UAE literature into Korean.
LTI Korea was established in order to translate Korean literature into other languages. The establishment of cultural workshops for Korean writers, along with the participation of writers from other cultures, forms a large part of the work of the Institute. The Institute is the single most important body in the field of literary translation in Asia.
Qubaisi gave a lecture at the Institute which comprised of an overview of ADACH's achievements over the past few years. It focused particularly on the impact of ADACH on the book industry, and how its work has affected projects like the National Library and the Kalima translation project. Qubaisi also examined the remarkable growth and levels of global recognition that have been achieved by the Abu Dhabi International Book Fair, and discussed the successful launch of ADACH's Kitab and Qalam projects.
The two sides agreed on a mutual collaboration, with Kalima agreeing to translate ten books of Korean literature into the Arabic language, and the LTI Korea agreeing to translate a number of UAE literary works, published by ADACH's Qalam project, into Korean.
ADACH's delegation also made an official visit to the Hankook University of Foreign Studies. This is one of the top universities in Asia, largely due to its importance in the areas of literary translation and interpretation. The delegation was received by Dr Lee In-Seop, the Dean of the University and a Professor of Arabic Grammar.
Qubaisi and bin Tamim met Korean experts in the Arabic language, as well as a number of department heads. Qubaisi also gave a talk to Korean students on ADACH's strategy and its various projects.
The Korean professors expressed their desire to translate UAE literature into the Korean language, especially in light of their whole-hearted support of the diplomatic relations between the UAE and South Korea that were initiated thirty years ago. - Emirates News Agency, WAM
President Lee Myung-bak's visit to Abu Dhabi Saturday is of particular significance as it is part of common interest in promoting, and adding momentum to the bilateral relations to make more achievements in the best interest of the two friendly countries and peoples.
This is the second official visit to the UAE by South Korean President in less than two years. His first UAE visit in December 2009 saw the signing of a number of cooperation agreements between South Korea and the UAE.
On December 27th, 2009, President His Highness Sheikh Khalifa bin Zayed Al Nahyan and visiting South Korean President Lee Myung-bak attended the signing of a series of landmark cooperation agreements between the UAE and South Korea.
The two presidents patronised a grand ceremony for striking an Dh75 billion contract between the Emirates Nuclear Energy Corporation (ENEC) and a consortium of South Korean and US companies led by Korea Electric Power Corporation (KEPCO) to design, build and help operate and maintain four civil nuclear power plants for the United Arab Emirates' peaceful nuclear energy program.
The joint cooperation agreements were inked by UAE Foreign Minister H.H. Sheikh Abdullah bin Zayed Al Nahyan and South Korea Minister of Knowledge Economy Choi Kyung-hwan.
The agreements cover a framework protocol for boosting the economic partnership to further strengthen bilateral cooperation. Under the agreement, the two countries will set up a higher committee and a number of sub-committees to facilitate cooperation in diverse fields as peaceful nuclear energy, renewable energy, energy efficiency and sustainability, information technology and communications, semi-conductors, shipbuilding and human resources development.
The agreements cover a framework protocol for boosting economic partnership to further strengthen bilateral cooperation. Under the agreement, the two countries will set up a higher committee and a number of sub-committees to facilitate cooperation in diverse fields as peaceful nuclear energy, renewable energy, energy efficiency and sustainability, information technology and communications, semi-conductors, shipbuilding and human resources development.
Towards enforcing the framework agreement, the two sides also sealed three complementary agreements including a memorandum of understanding between Abu Dhabi Future Energy Company (Masdar) and Korean Ministry of Knowledge Economy for facilitating joint cooperation in renewable energy.
A multi-lateral agreement on education and human resources development was concluded between Khalifa University of Science, Technology and Research (KUSTAR) and Institute of Applied Technology and Korea Advanced Institute of Science and Technology, Korea Electric Power Corporation, Human Resources Development Service of Korea (HRD) and Korea Development Institute.
A multi-lateral agreement on education and human resources development was concluded between Khalifa University of Science, Technology and Research (KUSTAR) and Institute of Applied Technology and Korea Advanced Institute of Science and Technology, Korea Electric Power Corporation, Human Resources Development Service of Korea (HRD) and Korea Development Institute.
The Abu Dhabi Systems and Information Centre and Korea Development Institute reached an agreement for exchange of information and communications technology.
In a statement after the ceremony, the UAE President said relations of friendship between the UAE and South Korea were progressing steadily and hoped these new agreements would take a qualitative leap in bonds between the two friendly countries.
"Our relationship with South Korea, which has seen sustainable growth in recent years, and has ushered into a new era of strategic partnership which will serve interest of the two countries," Sheikh Khalifa said.
As he welcomed his Korean counterpart, Sheikh Khalifa hoped his visit would further bolster joint cooperation in various domains. For his part, the Korean Head of State said he was grateful to the UAE for awarding the multi-billion contract to the consortium of Korean companies and for forging strategic partnership with his country. He pledged to maximise efforts to push bilateral relations ahead.
After the signing ceremony, UAE Foreign Minister H.H Sheikh Abdullah bin Zayed Al Nahyan said: 'As negotiations between the UAE and South Korea on peaceful nuclear energy advanced, the two governments discovered the huge potentials for joint cooperation in various fields." For his part, South Korea Minister of Knowledge Economy Choi Kyung-hwan expected "the agreement on economic partnership to lay a solid foundation for expanding bilateral cooperation, which is based on energy and resources." He expressed hopes that "the said partnership would expand to include communications technology and renewable energy." In May 2010, His Highness General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, made an official three-day visit to South Korea upon an invitation from President Lee Myung-bak.
During the visit, Sheikh Mohammed and South Korean officials discussed matters of common concern as well as ways to further bilateral relations in various domains between the United Arab Emirates and South Korea.
He underscored the deep relationships between the UAE and South Korea, noting that they undergo strategic development thanks to the support and directives of President His Highness Sheikh Khalifa bin Zayed Al Nahyan.
Sheikh Mohammed also stressed that the deal worth Dh75 billion won by the South Korean-led consortium is the largest in the history of the two nations' relationship.
He reiterated keenness of the UAE to boost cooperation with South Korea in the area of clean energy, technology, information technology, small and medium enterprises (SME).
Sheikh Mohammed welcomed the South Korean investments in the UAE, citing the existence of about 130 South Korean Companies operating in a number of heavy industries and information technology in the UAE.
He added that the depth of the economic relations between the two countries could be seen through continuous growth in the volume of exchange trade, which surged by 43 per cent in 2009, noting that South Korea is one of the top trade partners of the UAE, referring to the increment of the South Korean investments in the emirate of Abu Dhabi, where over 130 South Korean companies operate in a number of sectors, notably, the heavy industries and information technology. These reflect the growth of joint vital interests between the two countries.
The UAE is ranked as the second country in exporting oil to South Korea, while the UAE is the second importer for South Korea in the Middle East. There are a number of joint agreements between the two countries to expand horizons of the bilateral cooperation in all fields.
Sheikh Mohammed referred to the joint cooperation agreements signed in November 2009 between Abu Dhabi Department of Economic Department (DED) and the South Korean Finance Ministry to set a long term budget in the framework of the Abu Dhabi DED vision.
He underlined that the UAE-South Korean relations stem from joint political will that is fully cognizant about the nature of joint interest, a thing that provides to the relations diverse opportunities, firmness, and add to them greater dynamics and flexibility in a way that gives momentum for future development.
The Abu Dhabi Crown Prince stressed the significance of the strategic links between the UAE and South Korea, adding that "we look forward to expanding cooperation and joint work to tackle the regional and international challenges, support peace and stability worldwide and maintain compatibility of two countries regarding the foreign policy.
He called on the private sector to optimise efforts to bolster the relations in a manner that nurtures the joint interests of the two countries. "The South Korean development model is admirable. In the UAE we have built a strong liberal economy, and look forward to developing and strengthening our ties with the world's active economic powers, among others, South Korea.
Sheikh Mohammed and the South Korean Prime Minister Chung Un-chan attended a ceremony of launching the UAE-South Korean Business Council in the presence of H.H. Sheikh Abdullah bin Zayed Al Nahyan, UAE Foreign Minister.
The Abu Dhabi Crown Prince said the council would further boost the relations between the UAE and South Korea, and would avail more opportunities to expand the joint cooperation between the two countries and peoples. He hopes that the UAE-South Korean Business Council will bolster the sustainable economic development in the two countries.
For his part, the South Korean PM stressed the distinguished role that could be played by the council through opening more cooperation channels between the two governments, welcoming the launch of the business council.
He expressed hopes that the council will complement what was started by the governments of the UAE and South Korea regarding the strategic cooperation through expanding it to become long term partnership with the private sector in areas that exceed cooperation in the nuclear energy.
He urged the council members to do their best to create more job opportunities in both countries, stressing that the South Korean government will exert its efforts to make the activities of the council successful.
Khaldoun Khalifa Al Mubarak, Chairman of the Executive Authority Affairs and Koo John, Vice President of Korean LG Corp signed a Memorandum of Understanding of setting up the business council. The setting of the council aims at providing businesspersons in both countries with future cooperation opportunities and specifying them. It will also specify impediments to the economic relations, and promote policies that support economic relations. It will assist the visiting delegations or companies or members. The council will finance and organise conferences, symposiums and exchange information about the markets in both countries.
It is expected that the business council will avail many opportunities to the private sector in both countries, and will let businesspersons benefit from them.
Immediately after officially commencing its activities, the business council will receive a number of companies from both countries to strengthen the relations between the UAE and Korea in the economic and trade areas, and explore potential investment opportunities.
Despite the historic strength of the trade relations between the UAE and South Korea, yet the winning of South Korean Consortium of tender to build four nuclear actors to generate the electricity in the UAE, has taken the economic relations to another dimension.
Earlier the South Korean PM received in Seoul UAE Economy Minister Sultan bin Saeed Al Mansouri. The two sides discussed during the meeting the bilateral relations. The South Korean PM lauded the progress being experienced by the UAE at different levels, referring to the distinguished ties between the two countries, especially in the area of nuclear energy in which the UAE and South Korea were already working to develop the strategic project in this field.
He stressed preparedness of his country to cooperate with the UAE, especially in the innovation, technology, SME, medicine, education and healthcare. He welcomed the proposal of Al Mansouri to invite the elite of Emirati students to South Korea to have specialised training sessions in the areas of technology, education and medicine.
Al Mansouri briefed the South Korean PM on the results of joint economic committee, stressing keenness of the UAE to promote the cooperation ties and coordination with South Korea. He cited that both countries enjoy attractive economic potentials that could be further developed through specification of the vital sectors, especially in the areas of innovation, technology, SME, medicine, education and healthcare.
Regarding SME, Al Mansouri asked the South Korean PM to exchange expertise with the South Korean part due to the extensive Korean expertise in the SME sector, which constitutes 99 per cent of the South Korean Companies- about over three million South Korean SME Companies.
Meanwhile, Al Mansouri reiterated in his inaugural speech in the second meeting of the UAE-South Korean joint economic committee, the significance of building stronger ties with South Korea, extending them to the level of the political relations. He underscored that the UAE is prepared at the public and private levels to bolster the framework of joint cooperation with the South Korean side in different sectors to raise the level of mutual investments in all fields within the next five years.
The UAE minister emphasised the importance of boosting the economic diversification policies in both countries, and opening wider horizons in all the economic fields, especially in the areas of innovation, research, development, SME, intellectual property, industry, aviation, scientific cooperation, which supports the knowledge driven economy that has become the strategic objective of the UAE government.
During the meeting Al Mansouri stressed the importance of cooperation with the South Korean side in the area of nuclear energy for peaceful purposes, especially that the two countries were already working for the strategic project in this respect. He expressed hopes for similar projects in the nuclear energy field in the future.
He referred to the surge in the trade exchange between the two countries, which stood at US$14.5 billion in 2009, through adoption of joint plan to increase this rate through joint meetings and economic forums that gather businesspersons and decision makers in both countries under one roof to consult over activation of joint relations.
Al Mansouri shed light on the UAE economic policies, economic potentials, attractive investment environment supported by the advanced infrastructure such as airports, seaports, communications, transport, logistics services and free trade zones, which contributed to existence of over 3000 world companies discharging their economic activities in an exemplary investment environment in the UAE. These advantages avail venues to the world markets for exportation and re-exportation of their products and technologies.
The minister reiterated in his speech the importance of the private sector in the UAE and Korea, where both countries can benefit from them through the exchange of investment projects and identifying economic sectors that are characterised by the investment opportunities of mutual interest.
Al Mansouri welcomed all Korean companies to identify attractive investment environment in the UAE as one of the most competitive and dynamic economies in the world.
For his part, the Korean Minister of Strategy and Finance Yoon Jeung-Hyun spelt out his country's readiness and commitment to implement what has been agreed upon with the UAE side, and praised the distinct status UAE has obtained on the world map, its national economy and the attractive investment environment.
He said that the UAE is one of the most strategic countries to Korea as it enjoys several strategic capabilities that make it compete in the international arena and build viable economic relations with major international economies.
In the meeting of the UAE-South Korea joint Commission, they discussed the frameworks of cooperation in the fields of investment and small and medium enterprises, health care, energy, education, air transport and the environment, innovation, e-government and statistics, intellectual property, infrastructure and construction.
The two sides confirmed their commitment to follow-up to the implementation of what has been agreed through the formation of specialised task forces to follow closely the implementation mechanism and the axes of cooperation agreed upon.
The UAE established bilateral relations with the Republic of Korea early in 1980 and these relations have witnessed continued development at all levels. It facilitated exchange of experience in various fields.
The bilateral relations have developed significantly over the past five years and have been upgraded to a strategic relationship which has been implementing a series of mutual visits at the leadership levels. This culminated in signing cooperation agreement in 2009 in the field of building peaceful nuclear reactors in the UAE, and through this agreement the Korean industry earned a good reputation for competence in the light of the rival companies in major industrialised countries.
A Joint Economic Committee was established between the two countries in June 2007 and its first
meeting was held in Abu Dhabi.
The Korean economy is one of the strongest Asian economies and is ranked fourth among the countries of Asia and the thirteenth in the world in terms of gross domestic product of US$ 1. 343 trillion in 2009 while exports totalled about US$363 billion.
Late last year the Abu Dhabi - South Korea Investment Forum was held in Abu Dhabi in cooperation with Korea Trade-Investment Promotion Agency (KOTRA) and the Korean Ministry of Knowledge Economy.
In his keynote speech in the Forum, Park Young June, the Vice Minister of knowledge Economy in the Republic of Korea, praised the 30 years of cooperation between both countries and the strategic partnership taking shape with Abu Dhabi.
The vice minister explained the path of the Korean economy moving from harmonious growth to sustainable growth, and revealed one of the secrets of the Korean economic model, linking between the sustainable industrialisation and the technological self efficiency, "which is an essential path for the progress of the industry in Abu Dhabi, and to which Korea is ready to contribute".
He praised the bilateral investment agreements concluded with Korean and Emirati companies, as well as the agreement between Seoul chamber of commerce and Abu Dhabi Chamber of Commerce and Industry, inviting investors from both countries to benefit from the closer trade and investment ties between Korea and Abu Dhabi.
In his keynote speech, Mohammed Omar Abdullah, undersecretary of Abu Dhabi Department of Economic Development, agreed with the invitation of the Korean official to mutual investment, seeing that it is time to explore beneficial opportunities.
He praised the agreements signed between Sunglim Plant System and Hadeed Emirates Contracting, seeing that this opens the door to further cooperation between the private sector in both countries.
He added that the agreement between the Seoul chamber of commerce and Abu Dhabi Chamber of Commerce and Industry reveals how serious they are to further cooperate, seeing this agreement as a crowning to a long established relationship between the two chambers, and this will be in the best interest of both parties and economies.
He said that the agreements "will further consolidate our already long and excellent relationship".
Abdullah invited participants from both sides to further explore how they may work together in a mutually beneficial way.
He said in his inaugural speech: "As you may know, the UAE was Korea's top export destination last year, and the UAE was the second largest importer into Korea from the Middle East. Bi-lateral trade has grown substantially during the last few years, in a growing trend which promises a lot of mutual benefits".
The revealed that: "In addition to our interest in the Korean nuclear experience, which resulted in granting a Korean consortium the award of establishing our first nuclear reactors, we are also engaged in discussions on SMEs; in various areas of science and technology; infrastructure development; financial services; healthcare services; ‘e-government'; as well as in statistics, environmental cooperation, and the important area of Intellectual Property Rights".
He concluded by saying: "I am certain that you will find this Forum insightful and informative, and find new opportunities to cooperate in a profitable manner, and that today will represent a further step in our long and fruitful relationship".
Korean participants were then introduced to Abu Dhabi Economic vision 2030 and the economic plan which will interpret this ambitious vision. Then the Korean side presented the investment opportunities in Koreas and promising industries and incentives.
In a later statement, the South Korean Foreign Minister Kim Sung-hwan, underscored that the UAE-South Korean relations have been recently scoring huge success in all areas of cooperation.
He told Emirates News Agency (WAM) in an exclusive interview, on the occasion of his formal visit to the UAE in February this year that he discussed with his counterpart UAE Foreign Minister H.H. Sheikh Abdullah bin Zayed Al Nahyan, a number of issues to further bolster the bilateral relations in the political, economic, cultural, social and judicial fields.
Sung-hwan said his talks with Sheikh Abdullah will enhance cooperation ties and friendship between the two countries.
The South Korean FM described the UAE as the biggest economic partner to South Korea in the Middle East and North Africa, stressing that the existing cooperation between the UAE and South Korea extends to different areas, including nuclear energy, development of human resources, renewable energy, shipbuilding, semiconductors, communications and information technology.
On future of the UAE- South Korean relations, he said "during the visit of South Korean President Lee Myung-bak to UAE in Dec. 2009, the two countries pledged to upgrade the ties to the strategic partnership. Since then the relations grew steadily in unprecedented manner in all fields including the politics, military affairs, culture, health and education".
The South Korean FM added that the momentum of the relations' growth culminated with the visit paid to South Korea last May by His Highness General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
He noted that the UAE was one of the first countries, which denounced the attack launched by North Korea on South Korea territories in November last year. He added that Etihad Airways, a UAE local carrier, launched in Dec. 2010, daily trips between Abu Dhabi and Seoul. In January, South Korea dispatched 130 soldiers to Al Ain city for joint military training. Sung-hwan said the UAE and South Korea signed many memoranda of understanding in different fields, among others, the nuclear energy, and human resources development.
South Korea - GCC trade volume stood at over US$60 billion. GCC is the fourth largest trade partner to South Korea after China, Japan and US respectively.
UAE's Institute of Applied Technology (IAT), the Emirates Nuclear Energy Corporation (ENEC), Korea Electric Power Corporation (KEPCO) and Sudo Electric Technical High School (SEHS) signed a collaboration agreement earlier last year for training of students.
According to the agreement, ENEC will sponsor 50 IAT Grade 11 students to undergo practical training at KEPCO in Korea and theoretical training at Sudo High School, as part of the cooperation to develop Abu Dhabi's nuclear industry educational infrastructure required for the operation of the nuclear power plants that ENEC has engaged KEPCO to construct in Abu Dhabi.
"This is the implementation of the agreement between the UAE and South Korea in building the nuclear power plant in the UAE, starting with the implementation of manpower needs to serve the requirements of operating the nuclear manpower plant that will be established in the UAE in 2017," said Dr Abdullatif Al Shamsi, director general of IAT.
South Korea's Ambassador to UAE Kwon Tae-Kyun told WAM in an interview that in 2010, Korean construction firms won various projects in the UAE, collectively worth US$25.6 billion including the nuclear power project.
This is a record-high amount, representing an increase of US$9.7 billion from US$15.9 billion in 2009. Of the projects that Korean companies won, the nuclear power project is by far the largest. They are also winning various other construction and plant-related orders in such diverse sectors as oil and gas development, petrochemical, electricity and architecture, noted the ambassador. "I believe this success is attributable to the fact that Korean construction companies have secured global competitiveness and capabilities, and that such excellence has been widely recognised by the clients in the UAE", he said.
Major projects include oil refinery and gas projects such as the Ruwais refinery expansion project awarded by Takreer in 2009 (US$9.7 billion) and the Shah gas development project, petrochemical projects such as the Borouge-3 expansion awarded by Borouge, and infrastructure development projects such as the Khalifa port development with Abu Dhabi Ports Company, and architecture projects such as the Cleveland Clinic development on Sowwah Island.
"In the future, I hope that more Korean companies will enter the UAE's manufacturing sector such as machinery and IT as well as service sectors including medicine and health care, building on the success in construction and plants. Korean companies, with their experience and expertise, will play a role conductive to the UAE's further development while helping solidify the bilateral relations between Korea and the UAE" the ambassador predicted.
Shedding light on the volume of trade exchange between UAE and S.Korea, the ambassador said that the UAE is the second largest exporter of oil to Korea following Saudi Arabia, and Korea imports about 100 million to 120 million barrels of oil from the UAE annually.
Thus, the trade volume between the two countries varies depending on the international crude oil price. More specifically, it peaked at US$25 billion in 2008 when the annual average crude oil price came near US$100, whereas in 2009, it recorded US$14.3 billion due to falling oil prices and the global economic recession. In 2010, the trade volume up until November reached US$15.7 billion, and non-oil trade between the two countries has recovered its 2008 level, he added.
Meanwhile, the UAE is the biggest export market for Korea in the Middle East. Korea exported goods worth US$5 billion in 2009 and US$4.7 billion in 2010 (as of November 2010), and Korea's major export items include ships, automobiles, electronic appliances, textile and steel structures.
Meanwhile, the UAE's exports of oil, petroleum products and aluminium to Korea, among others, amounted to US$9.3billion in 2009 and US$11billion in 2010 (as of November 2010), the ambassador noted.
Etihad Airways had recently launched daily flights between Abu Dhabi and Seoul which became the national carrier's 65th destination. "This is an important time for Etihad Airways as we start to establish our brand in the Korean market," said James Hogan, Chief Executive Officer of Etihad Airways.
"Korea is one of the UAE's key partners and Etihad Airways flights would certainly boost that partnership. During the past two years, Korean firms sought to make a strong presence in the UAE, particularly in the fields of clean energy, construction, technology and SMEs," he added.
"We've already got a strong bridge between Seoul and Abu Dhabi. There are many Korean firms in the UAE and around 6,200 Koreans living and working in the country." The new service will offer air travellers onward connections via Abu Dhabi to a number of key destinations across the airline's global network, including the Gulf, Istanbul, Athens, London and Paris.
Minister of Foreign Trade Sheikha Lubna bint Khalid al Qasimi said the launching of Etihad Airways direct route between Abu Dhabi and Seoul would further help strengthen strategic ties between UAE and Korea, increase tourism and bring closer peoples of the two countries.
Stressing the importance of the new route in enhancing commercial and tourism cooperation, the Korean Ambassador to the UAE described the launching "a major step in the journey of UAE-Korean relations." He said that based on the contracts awarded to Korean firms during the last two years, it was expected that 8,000 to 9,000 Korean citizens will come to the UAE in the next four years to work in the construction sector.
"If we take into consideration the numbers of family members accompanying the workers, we would then realise the importance of the route, in line with the strategy of Abu Dhabi to further enhance its image as a global hub for transport," he noted.
He revealed that during 2010, around 2,500 Emirati tourists visited South Korea.
A delegation from the Abu Dhabi Authority for Culture and Heritage (ADACH) recently visited Korea and toured a number of cultural and academic institutions in order to exchange experiences and share in the achievements of these bodies in the fields of literature, translation, technology and the book industry, as well as exploring methods of cultural co-operation.
Jumaa Al Qubaisi, Deputy Director General of ADACH for the National Library, and Dr Ali bin Tamim, Director of Kalima, ADACH's translation project, met with Dr. Kim Yoon-Jin, Deputy Director of the Korea Literature Translation Institute (LTI Korea), following an invitation from the Institute.
A number of issues were discussed, including the participation of the Institute in the Abu Dhabi International Book Fair, the translation of classic and contemporary Korean literature into Arabic, and the translation of UAE literature into Korean.
LTI Korea was established in order to translate Korean literature into other languages. The establishment of cultural workshops for Korean writers, along with the participation of writers from other cultures, forms a large part of the work of the Institute. The Institute is the single most important body in the field of literary translation in Asia.
Qubaisi gave a lecture at the Institute which comprised of an overview of ADACH's achievements over the past few years. It focused particularly on the impact of ADACH on the book industry, and how its work has affected projects like the National Library and the Kalima translation project. Qubaisi also examined the remarkable growth and levels of global recognition that have been achieved by the Abu Dhabi International Book Fair, and discussed the successful launch of ADACH's Kitab and Qalam projects.
The two sides agreed on a mutual collaboration, with Kalima agreeing to translate ten books of Korean literature into the Arabic language, and the LTI Korea agreeing to translate a number of UAE literary works, published by ADACH's Qalam project, into Korean.
ADACH's delegation also made an official visit to the Hankook University of Foreign Studies. This is one of the top universities in Asia, largely due to its importance in the areas of literary translation and interpretation. The delegation was received by Dr Lee In-Seop, the Dean of the University and a Professor of Arabic Grammar.
Qubaisi and bin Tamim met Korean experts in the Arabic language, as well as a number of department heads. Qubaisi also gave a talk to Korean students on ADACH's strategy and its various projects.
The Korean professors expressed their desire to translate UAE literature into the Korean language, especially in light of their whole-hearted support of the diplomatic relations between the UAE and South Korea that were initiated thirty years ago. - Emirates News Agency, WAM
