Bilateral trade rockets 100%

Seoul: Shaikha Lubna Al Qasimi, UAE Minister of Economy, said that the trade between the UAE and South Korea is growing fast, and the two-way trade growth stood at a remarkable 100 per cent to $15.9 billion in 2006 from $7.9 billion in 2003.

She also said that UAE is considered by global economists as an excellent example of growth and development.

Korea is considered one of the UAE's fast growing partners. Shaikha Lubna said the UAE is today considered an example of growth and development with reference to its non-oil economy, especially in the service sector.

"The UAE is keen to update its legislative rules to curb restrictions that hinder business activities, referring to new amendments will be made to companies law, foreign investment law and the competition law, to further facilitate commercial procedures and curb business cartels.

Devoted work

Obaid Humaid Al Tayer, Chairman of the Dubai Chamber of Commerce and Industry and Head of the UAE Business Delegation accompanying Shaikh Mohammad, called on Korean businessmen to work with their UAE counterparts to make the most of joint investment opportunities in the region.

Al Tayer said that the UAE's development in the past thirty years is similar to that of Korea, and both will go down in history as examples of devoted work and prosperity.

"The UAE's progress was a result of the vision of the political leaders and their support for the private sector, which resulted in the emergence of international companies such as DP World, Emaar and Dubai Holding, indicating the international status of the UAE economy.

Al Tayer stressed the importance of investing in the human capital as the foundation of any development.