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"DWC represents a one-stop services hub for the Middle East meaning it will eventually become a key entry point for Korean products to the region as a whole," he said.
"The UAE alone has seen over a 100% increase in imported goods from Korean over the past ten years based largely on automobiles and electronic goods, both of which are expected to continue their business growth in this country."
Korea's trade with the UAE has risen up the international agenda in the past year and was demonstrated most recently by last month's six-day trade tour of the Middle East by Korean Foreign Minister Soog Min-Soon.
Trade between Korea and the Middle East has been on an upward trajectory for years. Korea's annual trade volume to the Middle East rose four-fold last year to $175m, compared to $42.6m in 2005, according to Korea-Eximbank statistics. The trade was largely driven by huge co-operation projects in construction, energy and the I.T. industries. At the same time, the annual trade volume of Middle East countries to Korea also increase over the same period to $44.1m from $37.2m.
"Korea is the world's 11th largest economy and the third in Asia after Japan and China. It is an industrial powerhouse with a rapidly expanding international trade outreach and cannot be ignored by anyone in the trade value-chain," said Michael Proffitt, CEO, DLC.
"Dubai and the UAE has been actively courting Korean trade over the past year and DLC, which can play a central role in assisting the process, is engaging in this two-way dialogue to ensure that the country becomes a major player within our world-beating logistics city."
Several industrial delegations have recently visited Dubai Logistics City, part of Dubai World Central, where they were able to see firsthand the benefits of potential investment opportunities at the project, home to the regional operations for a multitude of global companies.
"As ties grow, so will demand for fast, efficient logistics solutions needed to get goods to market in the most proficient and time-sensitive manner," said Proffitt. "Dubai Logistics City will rise to this challenge and has an unrivalled edge being the world's first truly integrated, multi-modal logistics platform in a single-bonded free zone environment. From Dubai, Korean companies will be able to access a consumer footprint of over two million throughout the CIS, Africa, Eastern Europe and the Indian Sub-continent as well as the Middle East."
To date, over 150 companies have reserved over 400,000 square metres of land at Dubai Logistics City which is scheduled to be fully operationally by mid-2009.
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Posted by Anne-Birte Stensgaard, Senior News Editor
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