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S.Korean team visits TECOM Investments to discuss tie-up

DUBAI — The visit by His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to South Korea has opened up new vistas in increasing trade and commercial ties, according to Abdullatif Almulla, CEO of TECOM Investments.

Almulla yesterday received a 20-member delegation led by Kim Moon-soo, Governor of South Korea's Gyeonggi Province, who visited Dubai Internet City, a member of TECOM Investments. Both capital Seoul, the South Korean capital, and Inchon, another major city in South Korea, are located in this province.

The delegation discussed possible collaboration between TECOM Investments and South Korean businesses. Almulla presented a brief on TECOM Investments and highlighted the corporation's leading role in successfully developing a knowledge-based economy in Dubai.

Almulla said: "The South Korean delegation was keen to understand how TECOM Investments' entities were able to make such a significant economic impact through their overall contribution to Dubai's economy. In addition, the delegates were eager to learn about TECOM' Investments' overseas expansion initiatives.

"The delegation's interest is a result of His Highness Shaikh Mohammed's recent visit to South Korea. We are confident more bilateral trade visits, covering a broad economic spectrum, will follow in the near future."

South Korea and the UAE are both located at areas of strategic importance in their respective regions. While South Korea is known as the leading economic hub for Northeast Asia, the UAE is well known as the gateway to the Middle East. The strengthening bilateral trade ties between the two are expected to bring about tremendous synergy, offering each other greater access to new markets.

The UAE is South Korea's second largest oil supplier and a major trading partner in the Middle East. Total trade between the two countries has doubled in three years, reaching US$15.8 billion in 2006.