UAE, South Korea seek to take commercial ties to next level

Abu Dhabi: Trade between South Korea and the UAE in 2012 is poised to top last year's figure of $20 billion, buoyed by their growing commercial ties, a top UAE official said yesterday.

"South Korean President Lee Myung-bak has already made two state visits to the UAE in less than two years (and) with the support of President His Highness Shaikh Khalifa Bin Zayed Al Nahyan and Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, (South Korea) has forged a number of landmark cooperative agreements aimed at taking our business and investment relations to the next level," said Shaikha Lubna Al Qasimi, UAE Minister of Foreign Trade, in her speech at the opening of the Made in Korea exhibition in the capital.

She said in a span of just a few decades the UAE and Korea have emerged as two of the most remarkable success stories of the global economy.

"While the UAE has drawn on its vast hydrocarbon resources to prevail as an oil powerhouse, Korea has blossomed into an industrial haven.

Both nations have vigorously upheld free-market principles and have joined the ranks of the world's major economies within a relatively short period of time," said Shaikha Lubna.

She said much of the two-nation trade has been directed towards the nuclear power sector.

"Three years ago, we signed a $20 billion (Dh73.45 billion) deal with South Korea's Kepco for the development of four nuclear plants, with the first plant scheduled to go online by 2017."

She said the UAE is particularly interested in exploring potential cooperation with South Korea in sustainability solutions, small- and medium-sized enterprises, civil aviation, automotive, technology, engineering, hospitality, innovation, health, education, construction and sports.

"By diversifying our ventures we could see our trade grow to almost $30 billion (Dh110.17 billion) by 2015," Shaikha Lubna added. She said in 2011 South Korean foreign direct investments in the UAE stood at $1.2 billion.