The UAE and South Korea exemplify the growth of Middle East-Asia trade and investment flows and the evolution of relationships between the two regions, according to Standard Chartered executives, who today highlighted how a bilateral relationship built solely on trade in goods - oil from the UAE and electronics and cars from Korea – has become much more strategic in the last 10 years.
In an exclusive media round table in the UAE, Jonathan Morris (CEO, Standard Chartered UAE), Richard Hill (CEO, Standard Chartered Korea) and Shady Shaher (Senior Economist, Standard Chartered UAE) met with the local and international media to identify and discuss the development of the UAE-Korea relationship.
The Standard Chartered executives spoke about the Bank’s international expertise in trade and investment flows and the business potential for clients involved in these corridors across the Bank’s footprint in Asia, Africa and the Middle East.
Jonathan Morris, CEO, Standard Chartered UAE, said: “The shifting balance of economic power from West to East is leading to the emergence of new trade and investment corridors between the Middle East and Asia. This is exemplified by the growing “trade corridor” between the UAE and South Korea which is being driven by the unique strengths of both economies. With a history of more than 150 years, Standard Chartered is well positioned in the emerging trade corridors of the world to facilitate the growth of cross-border investments in the coming years.”
The media roundtable also saw the launch of “UAE-South Korea – Connecting Trade Corridors”, a research report authored by Standard Chartered economists Shady Shaher and Eunhye Yoon.
The report notes that “activity between the Gulf Co-operation Council (GCC) countries and Asia – be it diplomatic, investment or trade – has been picking up in general, especially given that Asian economies are the largest buyers of the region’s oil exports”.
The Bank believes the UAE-South Korea relationship has the potential to expand in a number of areas. The economists note that there is scope for the UAE to increase its investment in Korea’s technology sector, especially as Abu Dhabi aims to build knowledge-centric, engineering-driven sectors under its economic diversification plan.
Potential is also seen for stronger trade links between the countries – Dubai, with its large and expanding logistics infrastructure, is well positioned to serve as a gateway for trade between Korea and the fast-growing GCC region.