Dubai Chamber receives Mayor of Guro District in South Korea

It's aim to learn more about the potentials of Dubai Economic growth, and to introduce Dubai Chamber and the business community in Dubai to the prominent IT industry in Korea.

Buamim welcomed the Korean delegation stressing the developing economic relations between Dubai and Korea and the leading role of Dubai Chamber in serving Korean businessmen, in cooperation with the Dubai-based Korean Trade Center and the Korean Trade-Investment Promotion Agency (Kotra). He said that Dubai's direct non-oil trade with Korea reached AED 6.8 billion in 2006, and that there are over 113 Korean companies operating in Dubai and registered at Dubai Chamber, 36 of which are fully-owned by Korean businessmen.

"Dubai Chamber is interested in expanding trade cooperation with South Korea and provide all possible supports to enhance the bilateral trade operations and tourists exchange between the two countries, as well as giving a chance for the private sector to play a bigger role in supporting the mutual economic cooperation, benefiting from the appropriate business environments and the investment opportunities available in South Korea and Dubai," said Buamim.

He pointed out that Dubai Chamber has issued 11 Certificates of Origin to Dubai-based exporters to South Korea during January and February with a total cost of AED 3.9 billion and that reflects the growing trade volumes between the two countries. He added that Korea ranks number 12 in the list of Dubai's largest trade partners. Moreover, Dubai Chamber has signed a cooperation agreement with Seoul Chamber of Commerce & Industry in 1999, and another MoU with KOTRA in 2006.

He highlighted the key role played by the Dubai Chamber in reflecting the civilized climate of Dubai through offering a bunch of value-added services to its 90,000 registered members to help them improve their businesses, access into global markets, benefit from worthy investment opportunities and establish business partnerships with counterparts from all over the world.

Buamim highlighted Dubai Government's support to Dubai Chamber in creating an attractive business environment which succeeded in luring foreign investments to have new bases at the emirate's 17 free zones where companies enjoy a free trade system and benefit from the improved infrastructure under a free economy and open market policy. Dubai is still interested in setting up joint ventures with top Korean companies in Dubai.

H.E. Dae-Woong Yang, Mayor of Guro District in South Korea, expressed his government's interest in supporting the bilateral economic relations with Dubai. He highlighted the interest of the Korean business community to learn more about Dubai's economic development and to discuss ways to enhance bilateral ties and benefit from the available investment opportunities.

"Our businessmen in Guro district are quite interested in attracting UAE businessmen and investors from Dubai to set up direct and joint ventures in different economic sectors, mainly in IT sector, and that this visit will open doors before the business communities in both countries to enhance their bilateral trade and establish business partnerships," said Yang.