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Abu Dhabi hosts korea-Abu Dhabi Investment forum

Sunday, November 28, 2010
Abu Dhabi Department of Economic Development “DED” organized today the Abu Dhabi - South Korea investment Forum in cooperation with Korea Trade-Investment Promotion Agency “KOTRA” and the Korean Ministry of  Knowledge Economy at the intercontinental hotel in Abu Dhabi.In his keynote speech, H.E. Park Young June, the Vice Minister of knowledge economy in the Republic of Korea praised the 30 years of cooperation between both countries and the strategic partnership taking shape with Abu Dhabi.H.E. the vice minister explained the path of the Korean economy moving from harmonious growth to sustainable growth, and revealed one of the secrets of the Korean economic model, linking between the sustainable industrialization and the technological self efficiency, “which is an essential path for the progress of the industry in Abu Dhabi, and to which korea is ready to contribute”.H.E. praised the bilateral investment agreements concluded with Korean and emirati companies, as well as the agreement between Seoul chamber of commerce and Abu Dhabi Chamber of Commerce and Industry, inviting investors from both countries to benefit from the closer trade and investment ties between Korea and Abu Dhabi.In his keynote speech, H.E. Mohammed Omar Abdulla, undersecretary of Abu Dhabi Department of Economic Development, agreed with the invitation of the Korean official to mutual investment, seeing that it is time to explore beneficial opportunities.He praised the agreements signed between Sunglim Plant System and Hadeed Emirates Contracting, seeing that this opens the door to further cooperation between the private sector in both countries.He added that the agreement between the Seoul chamber of commerce and Abu Dhabi Chamber of Commerce and Industry reveals how serious they are to further cooperate, seeing this agreement as a crowning to a long established relationship between the two chambers, and this will be in the best interest of both parties and economies. He said that the agreements concluded today “will  further consolidate our already long and  excellent relationship”.H.E. Mohammed Omar Abdulla invited participants from both sides to further explore how they may work together in a mutually beneficial way. He said in his inaugural speech: “As you may know , the UAE was Korea’s top export destination last  year, and the UAE was the second largest importer into Korea from the Middle East. Bi-lateral trade has grown substantially during the last few years, in a growing trend which promises a lot of mutual benefits”.The he revealed that: “In addition to our interest in the Korean nuclear experience, which resulted in granting a Korean consortium the award of establishing our first nuclear reactors, we  are also engaged in discussions on SMEs; in various areas of science and technology; infrastructure development; financial services; healthcare services; ‘e-government’; as well as in statistics, environmental cooperation, and the important area of Intellectual Property Rights”.And concluded by saying: “I am certain that you will find this Forum insightful and informative, and find new opportunities to cooperate in a profitable manner, and that today will represent a further step in our long and fruitful relationship”.Korean participants were then introduced to Abu Dhabi Economic vision 2030 and the economic plan which will interpret this ambitious vision. Then the Korean side presented the investment opportunities in Koreas and promising industries and incentives.Participants were then split into four concurrent sessions about different sectors then a series of bilateral meetings were held.
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