UAE Minister of Foreign Trade discusses enhanced bilateral ties with senior Korean officials

The Minister discussed vital bilateral issues and the further development of trade and investment relations between the UAE and Korea, particularly the creation of joint investment projects that would benefit from the impressive economic growth of the two countries.

H.E. Al Qasimi held discussions with H.E. Chung Jong-Hwan, the Korean Minister of Land, Transport and Maritime Affairs, with whom she emphasized the importance of enhancing commercial and economic relations and encouraged the Korean private sector to take advantage of the competitive advantages offered by the UAE. She also commented on the legislative structure required for enhanced partnerships with the Korean and global business community.

The UAE official pointed out the significant economic gains brought about by national diversification efforts away from oil, referring to several factors which reflect the diversification strategy of the UAE government, especially those related to the booming real estate investments.

H.E. Al Qasimi stated that the unique investment climate and the numerous opportunities available in the UAE contribute significantly to achieving an integrated economic partnership, not only between the UAE and Korea but among various other countries as well. The Minister explained that the excellent human, financial, and technical resources available from both sides can lead to the implementation of lucrative global joint projects. She added that the UAE has emerged as a global investment hub and an important market for major companies to extend their international reach and expand their operations.

H.E. Al Qasimi emphasized the significance of the UAE's participation in the 2008 AIIPS and said:

"The leading role of the UAE in the Arab real estate markets is affirmed during this important trade event through the participation of 30 distinguished real estate; investment; advisory; and financial companies and institutions operating in our country. Our development prospects are warmly patronized; while our participating companies are arranging meaningful sessions with representatives of the Korean Government which will definitely lead to closer ties between our two countries."

The meeting was attended by H.E. Abdulla Mohammed Al-Maainah, UAE Ambassador to Seoul; H.E. Major General Mohammed Ahmed Al Marri, Director of the Dubai Naturalization and Residency Department; H.E. Sultan Butti Bin Mejren, Director General of the Dubai Land Department; and several Emirati businessmen.

H.E. Al Qasimi also had an audience with the Korean Minister of Knowledge Economy, H.E. Lee Youn Ho, with whom she discussed the possibility of enhancing trade between their two countries and leveraging the growth of their respective major economic sectors. She said that the UAE was able to create a competitive structure at the economic and social levels by aggressively promoting growth and encouraging private sector involvement in national development efforts through investments, expertise, and knowledge transfer.

H.E. Al Qasimi commended the achievements of rapidly-evolving UAE economic sectors such as real estate and tourism, which continue to play important roles in enhancing the country's economic performance and diversification. The Minister explained that the UAE leans strongly towards a knowledge economy based on modern technologies. She also emphasized the UAE Government's commitment to ensuring sustained progress and attaining more success in keeping with the country's growing global stature.

H.E. Al Qasimi highlighted the approximately Dhs1.151 trillion in global trade achieved by the UAE in 2007, which constituted around 158% of the country's GDP for the year; the impressive figure, she stated, reflects the outstanding relations of the UAE with the international trading community. The Minister also pointed out that the UAE ranked first in the Arab World and 23rd globally in the World Economic Forum's 2008 Global Competitiveness Report, with the country leading the Gulf region in shipping due to the high quality and services of its ports.

H.E. Al Qasismi delivered the opening speech of the 2008 AIIPS, where she underlined the emergence of the UAE as a regional trading hub and a prominent trading partner.

The UAE Minister is accompanied by an official delegation of 70 senior government officials; members of chambers of commerce and industry; and various department officials. Around 150 companies and foundations from around the world involved in the investment, property development, and consulting fields, as well as investment institutions and finance funds, have converged at AIIPS 2008.

The UAE pavilion is the largest in the exhibition, reflecting the country's rapid advancement in the real estate field.