Creating bigger opportunities

Dubai: His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE and Ruler of Dubai, yesterday stressed the strategic partnership between the UAE and Korea, while speaking to officials of the two countries.

He said new business and investment agreements will be signed during the visit, in addition to the previous agreements signed in 2006.

Shaikh Mohammad attended a dinner hosted in his honour by Kim Young-ju, Korean Minister for Industry and Energy and attended by a number of ministers, government officials, businessmen and representatives from the Korean Chamber of Commerce.

Shaikh Mohammad is leading a high-profile delegation of ministers, government officials and businessmen on a two-day visit to South Korea.

In his speech, Shaikh Mohammad expressed his delight at visiting Seoul for the first time.

"Although I have never been to Seoul before, I am an interested observer of the economic and social development achieved by South Korea. I am impressed by the extraordinary growth and progress your country has achieved."

He stressed the strategic partnership between the two countries. "I am confident my visit, accompanied by a large delegation of officials and businessmen, will yield favourable results. This will create greater opportunities to build a new future for both our countries, based on a level of cooperation that surpasses our traditional partnership which has lasted for decades."

Shaikh Mohammad encouraged businessmen from both countries to increase the frequency of their visits to accelerate the momentum for better cooperation.

"By strengthening our partnership, we will establish a great economic power, stimulating growth and flow of mutual investments in several sectors including tourism, industry and technology. The UAE will form the gateway for the South Korean exports to the Middle East region," he said.

Kim Young-ju, on his part, said, "The visit of Shaikh Mohammad follows the visit of South Korean President Roh Moo-Hyun to the UAE in 2006. That visit highlighted the need to build a strategic partnership in several sectors including industry, technology, knowledge and culture.

"Our mutual benefit is centred on the UAE's national human resources and its capital and Korean technology and expertise."

Young-ju said: "We are extremely proud to have Korean companies operating in the UAE, contributing to its construction and development especially in energy, water desalination and real estate.

"The vision of Shaikh Mohammad, has succeeded in transforming Dubai into a powerful and dynamic world-class technological, financial, and logistics hub, making it a role model for us here in South Korea.

"The UAE and South Korea share a lot of geographic, cultural, economic and social similarities. We are both situated at both ends of the Asian continent and boast huge human and technical capabilities," Young-ju said.

Government officials and businessmen from both the UAE and South Korea reiterated the strength of their joint economic relations.

Trade between the UAE and South Korea registered an increase of 20 per cent, to touch $15.8 billion in 2006.