UAE second largest Middle East market for S.Korean investments, says Lubna
- 25 November 2012
The UAE is now the second largest destination in the Middle East for South Korean foreign investments, according to Minister of Foreign Trade Sheikha Lubna Al-Qassimi.
"The UAE is also among the top ten export destinations for South Korea. Total non-oil trade between the two countries amounted to US$31 billion over the last ten years representing an exceptional growth rate of 271%," the minister said in remarks on the sidelines of a forum on cooperation between the UAE and South Korea, hosted last night by the Emirates Center for Strategic Studies and Research (ECSSR).
The target is to double these figures in the coming years through the standing partnership with South Korea, she noted.
South Korea's trade with the Middle East has reached US$152 billion, according to Al-Qassimi who further noted that South Korea sources 87%t of its total crude imports from the Middle East.
For his part, South Korean Foreign Minister Kim Sung-Hwan, in remarks at the forum, hailed the efforts of the late founding father Sheikh Zayed Bin Sultan Al-Nahyan who led the UAE's economic diversification into the age of renewable energy.
The strategic partnership between the UAE and South Korea sets a vital example for developing strategic relations with all regional countries based on the historical relations which started over one thousand years ago with the flow of Arab merchants into Korea, the South Korean Minister noted.
He also applauded the keen interest shown by President His Highness Sheikh Khalifa bin Zayed Al Nahyan, Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum and His Highness Gen. Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces to promote relations with South Korea.