UAE and Korea trade to exceed $12 billion

DUBAI — Bilateral trade between the UAE and South Korea is expected to touch $12 billion this year, according to Hee-Beom Lee, Minister of Commerce, Industry and Energy, Republic of Korea, who is currently visiting Dubai.

By Jamila Qadir

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Published: Sat 26 Nov 2005, 10:17 AM

Last updated: Thu 2 Apr 2015, 5:27 PM

Speaking to Khaleej Times yesterday, Lee said that with the bilateral trade between the two countries amounting to over $10 billion up to October this year, there was a strong indication that the end year figures would exceed $12 billion. Last year, the bilateral trade between the UAE and South Korea stood at $9.8 billion.

He said while the bilateral trade volume was on steady increase on year-to-year basis, mutual investments were also on the rise. Some 25 major South Korean companies have presence in Dubai’s Jebel Ali Free Zone, while more than 50 South Korean establishments are headquartered in the emirate to cater to all their Middle East businesses.

And more companies are expected to join them, the Minister said, adding that “I expect that South Korean investments into the UAE will increase further in the future”.

On the other hand, UAE investments in South Korea are also set to grow, with Adnoc’s subsidiary IPIC planning to invest more in the country. Lee said: “Adnoc’s subsidiary IPIC, which has already invested $500 million in a Korean oil company, will invest even more. I met Adnoc chairman in Abu Dhabi and the UAE Oil Minister and they told me they have intention to increase their investment in Korea.”

Also Dubai Ports, Customs and Free Zone Corporation, which hold 39 per cent stake in Port Busan, is expected to increase its investment in Korea’s Busan Port Authority, while Emirate International Investment Company (EIIC ) has agreed to invest in the development of the South Eastern part of the Korean Peninsula, the South Korean Minister said.

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