UAE to strengthen bilateral trade relations with South Korea
Sultan Bin Saeed Al Mansouri, Minister of Economy, discussed with the South Korean Ambassador in UAE the importance of strengthening the trade relations between both countries.
These discussions which also focused on encouraging investments, were held during the 2nd joint committee meeting between UAE and South Korea, and attended by Mohammed Ahmed Al Shehhi, Director General of the Ministry and other senior executives. The UAE – Korean joint economic committee was established in 2007 and held the first meeting in Abu Dhabi.
The second joint committee meeting concentrated on enhancing cooperation across various sectors, especially in the fields of SME, healthcare and energy.
Al Mansouri will lead a delegation to South Korea during May 11 to 13, 2010, for the joint committee meeting. The key topics of discussions will be mutual cooperation and exploring new sectors that encourage trade and investments.
A number of agreements relevant to economic and investment cooperation will also be signed between UAE and South Korea, mainly in the fields of IPR, Statistics and e- government.
At the discussion, both sides said that the private sector's role in economic development in the UAE and South Korea is vital, as it has a great potential to contribute more effectively to total growth, particularly by taking advantage of the 27 agreements and MOUs, which have been signed between the two countries.
These agreements and MOUs cover sectors including double taxation, aviation services and transportation, energy, technology, human development and others.
Al Mansouri congratulated South Korea, the 4th largest economy in Asia and the 13th in the world, on its economic growth.