UAE, S. Korea sign pact

Shaikha Lubna Al Qasimi, Minister of Economy and Korean Minister of Commerce, Industry and Energy, Chung Sy-kyun inked the agreement.

Shaikha Lubna said after the signing ceremony that the agreement would help catapult trade, economic and investment cooperation to new heights.

"The two countries harbour huge trade and economic potential and rich business opportunities which provide a favourable ground for expansion of economic cooperation and establishment of joint investment ventures, especially between private sectors,” she added.

The agreement calls for encouraging companies and individuals to explore the possibilities of implementing joint projects in the areas of cooperation through project financing and facilitating trade between the two countries, in particular, through removal of trade barriers as well as facilitating trans-shipment, re-export and temporary storage of goods.

Under the agreement, companies and individuals of both countries will be encouraged to participate in international fairs and exhibitions held in the two countries as well as exchange of commercial delegations.

A joint committee consisting of representatives of both sides shall be set up to coordinate and promote the cooperation in areas set forth in this agreement. According to Shaikha Lubna, the committee might hold its first meeting during the year in Korea. A forum for businessmen will also be organised at the sidelines of the meeting.

Oil cooperation: The two countries also signed a five-year agreement to boost energy cooperation.

According to MoU, the two countries agreed to consider possible investments in projects in logistics and distribution, supply of crude oil and petroleum products, marine transportation, petrochemicals, and construction and services.

The UAE Energy Minister Mohammed bin Dhaen Al Hamli said his country was studying a proposal by South Korea for it to help supply crude oil for its strategic stockpile.