South Korea eyes strong trade relations with UAE
The UAE ranks number one on the list of Korea's exporting countries worldwide and number two on the list of its importing countries from the Middle East region
The UAE ranks number one on the list of Korea's exporting countries worldwide and number two on the list of its importing countries from the Middle East region. The UAE accounts for 20 per cent of Korea's exports to the Middle East and 15 per cent of its imports from the ME.
In an exclusive interview with Khaleej Times, the newly-appointed Ambassador of the Republic of Korea to the UAE, Kwon Tae-kyun, "Korea is eyeing for hundreds of years of strong bilateral relationship for the benefit of the next generations of both countries." The trade ties between the two countries went down in 2009 as Korean exports to the UAE were lower by 13.4 per cent compared with 2008.
"The trade worldwide was affected so much last year and the UAE-Korea trade was not an exception. But the result was still better than other countries," Tae-kyun said. According to the figures of the embassy, total exports from Korea to the UAE in 2009 stood at $4,978 million and imports from the UAE were $9,310 million. In 2008, Korean exports to the UAE were $5,749 million and imports $19,248 million.
In a statement to Khaleej Times, Kyu Nam Chae, commercial attaché and first secretary at the embassy, said, "Imports from the UAE in 2009 were also much reduced by 51.6 per cent in value, being strongly dependent on crude oil price. Until May 2010, the figures are improving considerably. We expect they will recover to the 2008 level this year."
Major export items to the UAE in 2009 were steel structures of $1,086 million, mobiles $271 million, cars $248 million, chemical machinery $188 million, polyester $173, TVs $148 million, tobacco $140 million, electric wire $127 million, tyres $120 million and heaters $118 million."Relations between both countries have been paramount and it has been a win-win situation for both countries. There are so many things we share with each other," Ambassador Tae-kyun said.
In the past 30 years, diplomatic relations between the two countries have much enhanced. In December 2009, Korean government signed an agreement with the UAE government for furthering strategic partnership, Tae-kyun said. Many Korean businessmen are using the UAE as their business hub for the Middle East and re-exporting commodities from here, the ambassador said. There are approximately 5,000 Koreans in the UAE. Among them, 3,500 reside in Dubai, 1,000 in Abu Dhabi and 500 in the different Northern Emirates. They are engaged in different businesses and mainly in the construction sector as many Korean companies are active in this sector here.
Regarding his plans during his tenure here, Tae-kyun said, "My plan is to further bilateral relations. We aim to blossom this relationship for hundreds of years for the coming generations of both countries."
To a question on renewable energy, Tae-kyun said, "Here renewable energy sector developments are related to Masdar City of Abu Dhabi government, we are working with them very closely to make it workable."
"We have a 'Technopark' or Science Park in Korea. We intend to introduce similar concept here in Abu Dhabi. We are closely working with the Abu Dhabi government on how to make it workable. We have to lay the foundation for this that will attract more Korean companies here," the ambassador said.
