UAE seeks closer business ties with South Korea

June 27th, 2008 - 3:33 pm ICT by IANS  


Seoul, June 27 (IANS) The United Arab Emirates (UAE) has called upon South Korea to invest in the Gulf country and launch global joint projects, WAM news agency reported Friday. At a meeting here with the South Korean officials and businessmen, UAE’s foreign trade minister Lubna Al Qasimi urged the South Korean private sector to take advantage of the country’s favourable investment climate and fast expanding business potentials.

She said excellent human, financial, and technical resources available in both the countries could be used to implement lucrative global joint projects.

The UAE has emerged as a global investment hub and an important market for major companies to extend their international reach and expand their operations, she added.

The minister is currently heading a UAE delegation here at the 2008 Asian International Investment and Property Show (AIIPS) June 25-27.

Lubna held discussions with Chung Jong-Hwan, South Korean minister for land, transport and maritime affairs, focusing mainly on joint projects. Besides trade, she also discussed other bilateral matters at the meeting, the report said Thursday.

Officials and business representatives from both sides also took part in the meeting. She called for changes in the legislative structures to enhance participation of the private sector.

Around 30 companies from the real estate, investment, advisory, and financial sector took part in the three-day event. Lubna said this shows the increasing role played by the UAE companies in the real estate sector.

She said UAE’s global trade in 2007 was worth 1.151 trillion UAE dirhams (about $313 billion), which constituted around 158 percent of the country’s Gross Domestic Product (GDP) for the year.

Around 150 companies from across the world participated in the AIIPS 2008, which ends Friday.

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