DCCI signs pact with Seoul chamber to boost ties

Dubai: The Dubai Chamber of Commerce and Industry (DCCI) yesterday signed a Memorandum of Understanding (MoU) with the Seoul Chamber of Commerce and Industry (SCCI) in Korea to boost cooperation between the two trade associations.

The MoU was signed by Obaid Humaid Al Tayer, chairman of the Dubai Chamber of Commerce and Industry, and Kyung Shik Sohn, SCCI chairman.

"The agreement stressed the need for activating and enhancing economic cooperation and commercial promotion between the two chambers of commerce, opening new channels of contact between their members and businessmen with the aim to generate effective economic partnerships, exchanging information about trade and customs legislations in both countries, participating in trade fairs and economic conferences, encouraging visits of trade delegations and missions, enhancing trade volumes, setting up joint ventures, as well as introducing and benefiting from the investment opportunities available in both countries and in different economic sectors," an e-mailed statement said.

Al Tayer, who is also the head of the UAE businessmen delegation accompanying His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to Korea, highlighted the importance of the MoU signed between the two chambers as one of the anticipated achievements of the UAE delegation.

He said the agreement's main objectives would be to boost economic and trade cooperation, increasing the values of bilateral trade and attracting Korean investments to the UAE, mainly in information technology and construction sectors.

"Dubai's direct non-oil trade with South Korea reached Dh6.8 billion in 2006. Dubai's trade represents 90 per cent of the whole UAE trade with South Korea as the UAE's major imports from Korean include machinery, vehicles and equipment.

"There are over 113 Korean companies operating in Dubai and registered at Dubai Chamber, 36 of which are fully-owned by Korean businessmen," said Al Tayer.

Achievements

He talked about the outstanding activities of some major Korean companies operating in Dubai such as Samsung, which leads a consortium of companies that are currently building Burj Dubai, the world's tallest tower, in addition to Bando real estate, which was the first to build two towers at Dubai's Business Bay, as well as other Korean firms that contribute to the development of the UAE's infrastructure projects.

"Signing the MoU prompts us to invite Korean companies to invest in the UAE, Dubai in particular, in banking, finance, services and logistics, benefitting from the investment incentives and facilities that Dubai offers to investors at the emirate's 17 free zones," Al Tayer added.

He stressed the importance of having students exchange programmes between Dubai and Korea, mainly for students specialised in information technology, as these programmes could provide an opportunity for the Emirati students to acquire academic and vocational skills from a developed country such as Korea.