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Dubai seeks to attract Korean investors

(Staff Report)
Filed on June 16, 2015

Fahad Al Gergawi, CEO of Dubai FDI, said South Korea’s industrial expertise is well-placed to reach fast-growing markets, especially those in the Middle East and Africa, from Dubai.

Dubai — Dubai Investment Development Agency, known as Dubai FDI, will attend the Korea Overseas Investment Fair & Conference to attract Korean investors to explore new markets and opportunities through Dubai.

The two-day forum, being held from June 17 to 18 in Seoul, aims to enable public and private sector organisations from around the world to promote the investment environment in their respective countries to Korean companies seeking to invest abroad.

Fahad Al Gergawi, CEO of Dubai FDI, said South Korea’s industrial expertise is well-placed to reach fast-growing markets, especially those in the Middle East and Africa, from Dubai.

“South Korea is one of the leading Asian partners for Dubai and the UAE, visible across critical sectors ranging from energy and infrastructure to automobiles and consumer electronics,” Al Gergawi added.

South Korean investments in the UAE have been growing steadily over the past few decades and hit Dh826 million in 2011 when Korea’s state power company was entrusted with building the UAE’s first nuclear reactor.

“With Dubai getting ready to host the World Expo 2020, South Korean construction and engineering expertise has an unrivalled opportunity. On another note, South Korea is known to promote its small and medium enterprises to compete on a global stage, much like Dubai. With such shared interests and economic focus, South Korea and Dubai can be partners in progress,” Al Gergawi said.

Ibrahim Ahli, director, Investment Promotion Division at Dubai FDI, said Dubai’s proximity to fast-growing markets and its rising supply chain potentials can bring in more South Korean businesses.

“South Korean exports to the UAE were valued at Dh26.4 billion in 2014, up 26 per cent from the previous year. The increase was largely driven by automobiles and spare parts as well as flat panel displays. The rising demand for quality products in the local market and improved efficiencies in our logistics infrastructure present significant export and re-export opportunities for South Korea,” Ahli said.

Ahli added that Dubai FDI will present ongoing improvements in the infrastructure and policy domains in Dubai, especially the emphasis on competitiveness and ease of doing business, to South Korean investors and enterprises.

“Preparations for the Expo 2020 along with the expanding free zone network and the integrated multimodal logistics hub at Dubai World Central are elevating domestic demand and supply chains in Dubai’s growth to a new level. We will invite South Korean investors to explore this new and exciting business landscape,” said Ahli.

abdulbasit@khaleejtimes.com





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