Dubai-UAE: April 28, 2014 - A high-level trade delegation led by the UAE Minister of Economy, His Excellency Sultan Bin Saeed Al Mansouri, Minister of Economy, has left for Seoul, Korea to participate in the 4th UAE-Korea Joint Economic Committee meeting.
The delegation includes His Excellency Engineer Mohammed Ahmed Bin Abdul Aziz Al Shehhi, Undersecretary of the Ministry of Economy, His Excellency Marwan Ahmed Saleh Al Sawaleh, Undersecretary of the Ministry of Education, His Excellency Ebrahim Al Zaabi, Director General of the Insurance Authority, Omar Bin Ghalib, Deputy Director General, General Civil Aviation Authority, Engineer Yahya Bin Saeed Al Lootah, Vice Chairman and Chief Executive Officer of SS Lootah Group, Mohammad Qanbar, General Manager, Marketing and Sales - Asia at DUBAL, Fatema Al Sayegh, Vice President - Treasury Operations at Mubadala Development Company, Noor Mohammed, Director of Corporate Communications and Events at Dubai Properties Group, as well as a number of senior officials from the Ministry of Economy.
Held from April 29 – 30, the Joint Committee meeting will initiate discussion between public and private sector representatives of the two countries on areas such as foreign direct investments, small and medium enterprises, healthcare, energy, education, air cargo, environment, innovation, industry, tourism, intellectual property, infrastructure, insurance and the financial sector.
On the eve of the UAE delegation’s departure, His Excellency Al Mansouri said the relations between the UAE and South Korea is an example of an evolving relationship based on mutual interests. His Excellency also emphasized on the role of the UAE-Korea Joint Economic Committee in serving as synergistic platform to drive bilateral growth between the countries.
His Excellency particularly commended the Joint Committee’s achievements in the previous meetings towards strengthening cooperation on economic, trade and investment. He reiterated the UAE’s keenness to benefit from Korean expertise in the field of technology and innovation towards the country’s goal of shaping digital economies across diverse sectors.
The UAE is currently the largest trading partner of the Republic of South Korea in the Middle East and Northern Africa region, and the second largest oil provider to Korea.
In 2012, bilateral trade between Korea and the UAE reached US$21.977 billion. Volume of investments between the two countries recorded US$3.236 billion during the same period, with UAE investments in Korea totaling US$2.7 billion and Korean investments in the UAE reaching US$0.53 billion.
Passenger traffic between the UAE and Korea also registered exponential growth from 50,000 in 2008 to 100,000 in 2012, with the number of Emirati tourists visiting Korea in 2012 rising by about 18 percent.
In addition, the total value of contracts for South Korean companies in the UAE by the end of 2012 reached AED103 billion (US$28 billion) from AED94 billion (US$25.6 billion) in 2010. Meanwhile, as of 2012, a total of 102 Emirati businesses, 386 trade agencies and 1,056 brands were registered with the Korean Ministry of Economy.
Statistics also state that contracts worth US$20 billion have been signed for the construction of nuclear power plants for peaceful purposes in the UAE, complementing contracts worth US$3.5 billion for the construction of projects in the supply and logistics fields. Since Korea’s foray into the UAE hospitality sector in 2010, the country’s investments have outperformed projections with a growth rate of 200 percent.