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Saturday, May 25, 2024

ADIO organises Abu Dhabi investment Forum in South Korea

(Seoul) – Abu Dhabi Investment Forum was launched in Seoul, South Korea. The Forum is organised by Abu Dhabi Investment Office of the Department of Economic Development (DED) in Abu Dhabi in collaboration with the UAE Embassy in South Korea as part of the ADIO’s annual programme aimed at attracting FDI to the Emirate of Abu Dhabi.

Abdulla Saif Al Nuaimi, the UAE Ambassador to South Korea, addressed over 150 Korean businessmen and investors, saying that this Forum represents a chance to learn about the type of investments that Abu Dhabi and the UAE can offer.

He pointed out that the UAE and South Korea have been enjoying unique bilateral relations since 1980, and during that time, both countries made many achievements in the field of economic development despite the geographical distance. This encouraged the governments of both countries in 2009 to shift from traditional relations to comprehensive strategic partnership that manifested itself in the announcement of the nuclear power project, currently under construction in the UAE by a Korean consortium, a step that is regarded a milestone in the history of the UAE-Korean relations.

Al Nuaimi pointed out also that political and economic relations between the UAE and South Korea have been rapidly progressing since the visit of Moon Jae-in, President of South Korea, to the UAE. During that visit, several new agreements were signed in several domains, including renewable energy, intellectual property, science and technology, education, industry, healthcare and desalination.

The bilateral trade volume between the UAE and South Korea reached $14.93 billion in 2017 in which UAE exports to Korea topped $ 9.55 billion, as oil is considered the largest commodity that the UAE exports to Korea. On the other hand, UAE’s imports from Korea reached AED5.38 billion and consisted of household appliances, cars, electricity and electronic equipment.

Regarding mutual investments between the UAE and South Korea, Al Nuaimi mentioned that it reached a total of $1.85 billion, and the total Korean investments reached $1.4 billion, whereas the UAE investments topped $0.45 billion. He also stated that there are over 200 Korean companies operating today in the United Arab Emirates, with more than 11,000 Korean nationals currently living in the UAE; the largest Korean community in the region.

Al Nuaimi called upon the investors, businessmen and owners of Korean companies participating in Abu Dhabi Investment Forum in Seoul to take advantage of the investment opportunities that the UAE government offers in the field of media, tourism, energy, industry, transportation, logistics, financial services, insurance, health, education, technology, communications, real estate, construction and food, in order to obtain mutual benefit and reinforce the volume of investment between the two countries.

Al Nuaimi concluded his speech by expressing hope that the Forum’s sessions and the bilateral meetings held between the governmental bodies and private sector companies of both sides would fulfill their goals in reinforcing communication between the various parties in order to address promising investment opportunities in the Emirate of Abu Dhabi.

On his part, Ahmed Bin Ghannam, CEO of Abu Dhabi Investment Office, said in his speech that the participation of a large number of government officials and representatives of the private sector in South Korea in this Forum shows how interested South Korea is in the development that the Emirate of Abu Dhabi and the UAE are witnessing these days, which would provide promising investment opportunities in the various economic fields.

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