Dubai Chamber heads UAE business delegation in Korean Trade-Investment Promotion Agency visit

The delegation's visit to Kotra aimed at introducing the UAE business delegation to the potential opportunities of investment in both countries and discussing the ways to develop the bilateral economic relations.

Al Tayer was accompanied in his visit to Kotra by Abdul Rahman Saif Al Ghurair, 1st Vice-Chairman of Dubai Chamber, a number of Board Members of Dubai Chamber, Hamad Buamim, Director General of Dubai Chamber, and a large number of the top UAE business leaders who accompany Sheikh Mohammed in his visit to Korea. The delegation was received by Han Joon-Woo, Senior Vice President of Kotra.

Al Tayer highlighted the importance of this visit which was initiated by Dubai Chamber to introduce the UAE businessmen to Kotra's activities and the services it offers to the Korean business community to help develop their trade ties with their counterparts in the UAE, Dubai in particular, through effective coordination with Kotra's regional office in Dubai which highly contributed in attracting a large number of Korean companies to the region.

'Dubai Chamber was keen to prepare for the visit of the UAE business delegation to Kotra in order to introduce them to the agency's services that helped enhance bilateral ties between both countries, and its key role in supporting these ties through their Dubai-based branch. The visit also aims at introducing Kotra's members to the economic development features in the UAE and Dubai,' said Al Tayer.

Kotra conducted a presentation about the agency's activities, the bilateral economic relations between the UAE and Korea, an overview of the Korean economy, the rise of Korea's GDP, and the investment opportunities available in Korea.

The presentation was followed by a private meeting between the Chairman, 1st Vice Chairman and Director General of Dubai Chamber with the Senior Vice President of Kotra. Al Tayer talked about 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 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,'

Al Tayer explained.

He highlighted the key role played by the Dubai Chamber in reflecting the business 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.

He noted that Korea ranks number 12 in the list of Dubai's largest trade partners. Moreover, Dubai Chamber has signed a MoU with KOTRA in 2006, and another cooperation agreement with Seoul Chamber of Commerce & Industry in 1999.

H.E. Han Joo-Woo, Senior Vice President of Kotra, stressed his agency's interest in enhancing the economic ties between the UAE and Dubai in particular, highlighting the interest of the Korean business community to learn more about the economic potentials of Dubai and discussing the ways to develop the bilateral ties and the benefit from the available investment opportunities in both countries.

'The visit of the UAE business delegation to Kotra would help improve the bilateral ties between the business communities in both countries, and open doors for the establishment of joint ventures and economic partnerships in several sectors such as construction, IT and financial services,' Joon-Woo added.