Gateways of strong friendship

The UAE and Korea are two major growing economies where ongoing developments are creating opportunities for their respective communities.

Interestingly, both countries are also regional gateway hubs that serve their neighbourhoods and beyond. While South Korea could be a strong Northeast Asian gateway hub for GCC companies, the Korean exporters can also take advantage of the UAE's geographic advantage and its strong connectivity.

The current state visit of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to the Republic of Korea is therefore expected to boost the $15.82 billion annual trade between the two countries. The UAE's exports to South Korea grew 29.07 per cent last year to $12.93 billion, while the UAE's imports from South Korea increased by 5.97 per cent to $2.89 billion.

The UAE is South Korea's fifth largest trading partner in terms of annual imports while the UAE ranks 27th in South Korea's list of export destinations. This historic visit, which is taking place a year after a state visit by the South Korean president, also reaffirms the UAE's commitment to meeting the East Asian country's growing energy needs.

More importantly, the visit will open windows of opportunity for the regional business communities looking for new markets. The business communities of the UAE and the Gulf could take advantage of this growing relationship and benefit from the synergies.

South Korean business groups have been investing in the UAE's economy, especially the real estate sector, and its consumer electronics and car manufacturers have been benefiting from the UAE - one of the biggest markets in the Middle East and North Africa.

Shaikh Mohammad's visit, following his recent visit to India, also reaffirms the government's strong commitment to the country's business community in creating new opportunities and thus creates a model for other Arab leaders to follow.