UAE offers to be hub for Korean exports

Seoul: The UAE expressed yesterday its willingness to develop a new trade partnership with South Korea, offering the Emirates as a gateway to the Asian country's exports.

"We are your partners, and the UAE is the transit gate for your products in the region," His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, told South Korean officials and business leaders during a meeting on the first day of his state visit.

Shaikh Mohammad arrived earlier on a two-day visit, accompanied by a high profile official and business delegation. It is the first visit by a UAE leader to the Asian giant.

He told the gathering yesterday that the UAE and South Korea concluded trade agreements in 2006, and will sign a few others during the current visit to enhance relations and consolidate the trade partnership.

"The visit will open new horizons in cooperation and establish a strategic partnership," said the UAE Vice-President. "That would create a great and effective economic power in the field of joint investments especially in the tourism, industry and technology sectors," he explained.

Shaikh Mohammad said he was happy to visit South Korea. "Although this is my first visit, I have been following the development of your country and its economic growth. We used to send teams here to get acquainted with the Korean experience, which we admire."

South Korea is one of the UAE's fastest growing trade partners. Bilateral trade jumped almost 100 per cent in the past three years, according to Shaikha Lubna Al Qasimi, Minister of Economy. She urged the Korean business community to take advantage of the UAE's growth, trade legislation and competitive atmosphere.

Shaikh Mohammad today will meet President Roh Moo-hyun and Prime Minister Han Myeong-sook.