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UAE, South Korea to strengthen economic ties

(Wam)
Filed on December 28, 2009

ABU DHABI - The United Arab Emirates and South Korea are seeking 
to bolster their economic ties in different fields, including partnerships in renewable energy, as well as cooperation in implementation of the green economy concepts, peaceful nuclear energy and reduction of carbon emissions.

According to a report released by the South Korean embassy in Abu Dhabi to mark the visit of President Lee Myung-bak to the UAE.

President Lee arrived in Abu Dhabi on Saturday on a two-day visit.

He was received at the airport by General Shaikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, Minister of Trade Shaikha Lubna bint Khalid Al Qasimi, UAE Ambassador to South Korea Abdullah Mohammed Abdul Wahid Al Maena, South Korean Ambassador to the UAE Chung Yong-chil and a number of senior officials.

The embassy’s report stated that exports from South Korea to the UAE grew by 55.2 per cent in 2008 with top export products being cars, wireless phones and electric wire.

South Korea’s imports from the UAE grew by 52.1 per cent in 2008 with crude petroleum, naphtha and LPG among the top products.

Often called the “Miracle on the Han River”, South Korea’s tremendous economic growth was fuelled by the export of high-tech goods. The South Korean economy continues to grow at a very fast pace, having one of the highest GDP, export and industrial production growth rate in the developed world, the report added.

South Korea is leading several key industries in the world, particularly in the fields of science and technology. The Asian Tiger’s strongest industries are automobiles, biotechnology, construction, computers, electronics, petrochemicals, robotics, semiconductors, shipbuilding, and steel.

South Korea has become the world’s leader in the semiconductor, such as RAM and flash memory, and digital display, such as LCD and plasma panels, industries, as well as consumer electronics such as TVs or mobile phones.

Telecommunication technology thrived in South Korea as it became the most wired country in the world, having the second highest broadband users worldwide. Nationwide 100 Mbit/s High-Speed Internet Access, Interactive Full High Definition TV Broadcasting, DMB, WiBro and 4G technology rolled out since 2000, which are a few of the nation’s plans to set benchmarks in the global information technology industry.





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