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Abu Dhabi, Korea to Boost Bilateral Investments
ABU DHABI — Abu Dhabi and Korea have shown their commitment to boost bilateral investments and to increase economic cooperation by exploring business opportunities that exist in each other’s countries.
In this connection, both countries have signed an MoU to clear the way for boosting economic ties and sharing information. Korea Investment Corporation, or KIC, a sovereign wealth fund, signed an MoU for cooperation with the Abu Dhabi Investment Authority, or ADIA.
UAE-Korea bilateral trade has jumped to $25 billion in 2008 up from $6.5 billion in 2002, as Abu Dhabi becomes the largest source of oil and gas for the fuel hungry Korea.
The UAE is also the largest export market for Korean goods and services in the Middle East and North Africa.
“However, the size of bilateral investment is ‘insignificant’, which needs to be boosted,” said Korea’s Vice Minister for Strategy and Finance Young-Geol Lee, while speaking to reporters on the sidelines of one-day ‘The UAE-Korea Road show’ organised by the Korea Trade Investment Promotion Agency and the Korea Development Institute.
“The bilateral investment does not reflect the growing economic relations,” said Korean Vice-Minister Young-Geol Lee. Korea, one of the Asian tigers, have invested $380 million in the UAE, while investments made by the UAE companies is also not reflective of their global exposure, he said. However, he added that this visit would open new channels of communication between the two countries to take advantage of the opportunities in both the countries to boost
investments.
About the two-day meetings with investors in Dubai and Abu Dhabi, the minister said, “It’s just a beginning of a fruitful cooperation in the sphere of investments, and expanding cooperation into Islamic finance by introducing Islamic bonds in Korea to
raise capital.”
The idea behind the two day visit is to foster cooperation between the sovereign wealth funds and other investment companies and showcase opportunities available in Korea to them.
He invited the UAE investors to participate in Korea’s plans of investing $850 billion to promote green growth, in next four year to cope with the climate change, in order to achieve economic sustainability.
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