HE Abdulla Ghubash Inaugurated the Third EP Forum

HE Abdulla Ghubash Inaugurated the Third Economic Partnership Forum

Seoul – South Korea, May 27th 2013: His Excellency Abdulla Gubash inaugurated today the third edition of the UAE Korean Economic Partnership Forum (EP Forum) which is held under the patronage of HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai in the South Korean Capital, Seoul. His Excellency Abdulla Gubash presided the UAE Delegation which comprises of more than 100 businessmen and representatives of governmental entities. His Excellency was accompanied by His Excellency Sheikh Sultan Bin Ahmed Al Qassimi, Chairman of Sharjah Media Corporation, His Excellency Abdulla Al Romaithi, and the UAE Ambassador to South Korea in addition to more than 20 ambassadors from the GCC and Arab countries and a number of local official representatives from South Korea.

After the ribbon cutting ceremony, His Excellency took a tour at the exhibition area visiting all the UAE exhibitors. HE also praised the effective UAE participation in the forum that represents various vital sectors in the country such as: Trade, IT, Industrial, Tourism, Healthcare, Power, Oil and Gas, Contracting, Investment, Finance, Aviation, Real State, Constructions, Free Zones, Development, Media and Transportation.

His Excellency stated: “the bilateral relations between the UAE and the Republic of South Korea witnessed a remarkable development during the past few years. HH Sheikh Khalifa Bin Zayed Al Nahyan and South Korean President, Park Geun-hye are always keen to develop bilateral relations and attain strong partnership, especially in the fields of economy and investment. If we look at the history of the bilateral relations between the two countries, we will find out that the UAE and South Korea have singed a number of business agreements throughout the years, most of these agreements are related to trade and economy.”

His Excellency added: “I would like to elaborate on the development method that South Korea have adopted through the years, which deserves a lot of appreciation and respect. From an economical point of view, South Korea’s economy is ranked fourth in Asia continent after Japan, China and India. It is also ranked fifteenth worldwide after its economy recorded high growth in the past few years. All of these facts transformed South Korea from a developing country to an advanced industrial country in no time because they invested in their industrial power which is a key element to maintain economic success.”

“In the UAE, we are blessed with a solid economy, thanks to our wise leadership. Our economy is firm yet open at the same time, therefore, we aspire to develop and strengthen our relationship with the strong economic forces in the world, taking into consideration that the Republic of South Korea is at its forefront.”

His Excellency continued: “I hope that our visit to South Korea will also strengthen the special relationship between both countries through activating economical and investment partnerships among new sectors in order to reach best results in all aspects and in return a great benefit for both populations.”

The third UAE – Korea Economic Partnership Forum seeks to strengthen the joint efforts by the government of the UAE to promote and activate the business and economic partnership with South Korea, and this forum is a joint effort to strengthen bilateral relations between the UAE and South Korea and is an excellent platform to exchange innovations and developments in different business areas. The forum also focuses on raising awareness and highlighting the Korean commercial sectors and strengthening the trade relations between the two countries by highlighting the leading role played by the United Arab Emirates, regionally and globally, where the United Arab Emirates owns many vital and sustainable projects throughout the world, and today it is a pioneer leader in the Middle East market.

The importance of this event lies in the direct and indirect opportunities it promises for the companies, economic institutions and investors who are taking part in this event. The forum also will shed the light on the potential economic productivity and employment opportunities in each country in order to activate the investment in joint projects. This forum is organized by INDEX Holding Korea and has the full support of the UAE Ministry of Economy, UAE Ministry of Foreign Affairs, Federation of UAE Chambers of Commerce, Department of Economic Development, Dubai FDI, Korea chamber of Commerce and Industry, Seoul Metropolitan Government, in addition to a number of governmental associations and related departments from the UAE and South Korea.

Mr. Ali Ibrahim, Deputy Director General for Planning and Development Affairs in the Department of Economic Development in Dubai, said: “the UAE today owns numerous investment opportunities in addition to the extensive expertise and a strategic location. Those features open the door for more cooperation and investment opportunities between the two countries. Moreover, the UAE has an excellent economic, industrial and trade position and this reflects positively on the investment revenues that are among the highest international rates.”

Mr. Ali continued: “the Republic of South Korea is one of the major countries that have achieved consecutive success stories in different fields throughout the years, especially in the economic field. I must say that what the republic of South Korea achieved until this day is very impressive. We aim through our participation in the Third UAE Korean Economic Partnership Forum to develop the trade, economic and development relations between the two countries and also enhance the concept of partnerships investment among all sectors in order to have the best outcome for both countries. I would also like to emphasize on maintaining the strategic bonds between the two countries as we are looking forward to achieve more cooperation and joint collaboration at all levels especially in investment and trade.”

“The Department of Economic Development was very keen to participate in all forums and events that has the potential to attract more investments to the UAE and enhance the existing and new investment opportunities.” Added Mr. Ali

On another note, the total amount of trade between the UAE and the Republic of South Korea reached $21.977 billion in 2012 and the estimated volume of mutual investments between the two countries reached up to $3.236 billion in the same year of which $ 2.7 billion the amount of UAE investments in South Korea and about $0.53 billion is the amount of Korean investments in the United Arab Emirates. In addition, the number of annual travelers between the UAE and South Korea reached 70,000 in 2010 compared to 50,000 in 2008 while in 2011 the number of travelers reached 100,000 travelers. On the other hand, the number of tourists from the UAE to South Korea increased by 18% in 2012 to become the second after KSA.

In addition, the total value of contracts sealed by Korean companies in the UAE reached around AED 103 billion ($28 billion) by the end of last year compared to AED 94 billion ($25.6 billion) back in 2010. According to statistics, the UAE had announced earlier that it has signed a number of agreements with South Korea worth $20 billion for building a number of nuclear power plants in the UAE, in addition to another agreements $3.5 billion for establishing new projects in the field of supplies and logistics. Moreover, the South Korean investments also entered the hospitality filed for the first time, and this is due to the growing number of Korean residents in the UAE which increased by %200 in four years. Dr. Abdul Salam Al Madani, the Executive Chairman of the UAE – Korea Economic Partnership Forum said: “the South Korean Economy is very stable and this is one of the most attractive points that encouraged us to organize this outstanding exhibition, moreover, there are the excellent relationships between the two countries which encouraged us even more. There will be more than 50 exhibiting companies and governmental authorities participating from the UAE and the forum is expected to attract more than 3000 businessmen and investors from South Korea.” Dr. Al Madani also said: “The forum will also include a trade exhibition that will feature a number of meetings and discussions between businessmen and major Korean companies in addition to a number of investors. The exhibition is also expected to attract a number of companies from different sectors such as: Trade, IT, Manufacturing, Tourism, Healthcare, Power, Finance, Aviation, Construction and Real Estate.”

The Third UAE – Korea Economic Partnership Forum is sponsored by ZonesCorp, the Dubai Health Authority, Emirates Business Women Council supported by Abu Dhabi Investment Company, Al Tamimi & Company, , the First Gulf Bank, in addition to DuBiotech and INDEX Healthcare Management.