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Abu Dhabi Department of Economic Development Organizes Abu Dhabi Forum in South Korea and China

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Abu Dhabi Department of Economic Development Organizes Abu Dhabi Forum in South Korea and China

Monday, May 23, 2011 News
Abu Dhabi Department of Economic Development (DED) is organizing Abu Dhabi Investment Forum in South Korea on May 30th and China on June 2nd. A high profile delegation is taking part in both events led by HE Nasser Ahmed Al Suwaidi, DED’s Chairman,  and will encompass senior representatives from the local government entities to discuss and review potential investment opportunities with an aim to attract more investments from South Korea and China to Abu Dhabi. HE Al Suwaidi will inaugurate both forums by addressing audience on the political and economic ties Abu Dhabi has with South Korea and China, focusing on key joint development projects with each country and available opportunities Abu Dhabi is offering to thrive and attract leading companies from both countries. HE Omar Abdulla, the Undersecretary, DED, stated that the relation the UAE has with both South Korea and China are steadily growing and highly dynamic, especially in recent year, fuelled by the will of the UAE and both countries to open new opportunities for cooperation in investments whilst driving trade activities in line with mega development projects Abu Dhabi is witnessing to achieve 2030 Business Economic Vision. “Abu Dhabi Investment Forum in both South Korea and China is part of several initiatives aimed to achieve the highest level of synergy with those countries to attain Abu Dhabi Leadership’s vision of attracting investments, opening opportunities for businessmen whilst benefitting from the Korean and Chinese experience in energy, industry and infrastructure sectors.” “Abu Dhabi Investment Forum that will be staged in South Korea and China offers insights on the opportunities and business potentials in the Emirate in industry, services, IT, transportation, contracting, energy, and infrastructure as well as other key activities”, HE added. Highlighting the ongoing-thriving economic relations the UAE has with South Korea and China, HE said, “The steady growth rate of trade exchange with those two important countries underpins the healthy relations with them. Abu Dhabi’s Government is keen to bolster such ties, especially with countries that have great record in state- of- the- art technologies, to help fuel our economy, upscale the competitiveness of local company, thereby increase tendency in knowledge-based economy.” Non-oil UAE exports reported 27% growth rate, re-export 26% last year. This bears witness to the role the UAE plays as a thriving commercial hub for the region, providing high quality products whilst encouraging its partners from East Asia for more cooperation in trade and investments.  Non-oil trade exchanges between the UAE and South Korea were AED 9.9 billion ($2.7 bn) in the first 10 months of 2010. Abu Dhabi’s trade exchanges with South Korea were AED 3 billion last year, compared to AED 8 billion in 2009 which was fuelled then by Abu Dhabi’s high need to machines, equipment and other technologies.  Non-oil trade exchanges between the UAE and South Korea went up in the last years, from $ 2.5 in 1999 to $ 4.7 in 2009. South Korean investments in the UAE encompassed various sectors such heavy industries, IT, and contracting, coupled with the decision of some small and medium Korean businesses to expand their operations in the GCC from the UAE. Trade exchange between the UAE and China grew to AED 119.4 billion in 2009, making it the second largest trade partner to the UAE. Export grew 37.9% and imports 31.1% during from 1999 to 2009. Abu Dhabi Investment Forum in South Korea and China with have four sessions in each event. The first one will centre on industry. Spokespeople include H.E. Mohammed Hassan H.E. Al Qamzi holds the position of Chief Executive Officer – Higher Corporation for Specialized Economic Zones (ZonesCorp), Mr. Khaled Salmeen Al Kawari, the Executive Vice President, Industrial Zones at ADPC (Abu Dhabi Ports Company). and H.E. Jamal Salem Al-Dhaheri, Chief Executive Officer, Abu Dhabi Basic Industries Corporation (ADBIC) . The second session will focus on energy sector and speakers include high representatives from ADNOC and Masdar. The third session will highlight investment and financial opportunities, and speakers include Qamber Al Mullah, Head of International Management, National Bank of Abu Dhabi, HE Rashed Al Bloushi, Executive Director of ADX, and Mr. Samir Asad, Excutive Director of Abu Dhabi Investment Authority. The fourth session will review investment opportunities in Abu Dhabi’s infrastructure. Speakers include HE Mohammed Harib Al Yousef, the Executive Director, Abu Dhabi Department of Transport, He Tawfiq Al Mubarak, Vice-Chairmen, Abu Dhabi Ports Company, and Mr. Rashid Buker, the Executive Director, Etihad Rail.
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