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Lubna Al Qasimi Heads UAE Delegation to South Korea

posted on 06/06/2007: 748 views

Sheikha Lubna Bint Khalid Al Qasimi, Minister of Economy will lead the UAE delegation to participate in the first meeting of the UAE-S.Korea Joint Committee due to be held in Seoul next Friday. The delegation will be consisted of Undersecretary of Ministry of Economy for Economic Sector Abdullah bin Ahmad Al Saleh and representatives from various ministries, economic institutions and investment authorities in the country.

The joint committee derives major importance from the fact that it comes just after two weeks from the visit made by H.H Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai to Republic of South Korea and his call to set up economic partnership between the two countries.

The committee is seen as a practical foundation for strengthening bilateral relations between UAE and South Korea, as it will find ways for eliminating obstacles in front of strengthening investment and trade relations between the two countries.

Sheikha Lubna will hold talks with senior South Korean officials during her visit exploring ways for enhancing economic relations between the two countries and attracting added Korean investment in UAE.The talks will also focus on the vast opportunities of investment in the country.

Special emphasis will be given to the encouragement of private sector to benefit from the legislative infrastructure of UAE as it provides suitable environment for business competition. UAE is considered as a distinctive model for growth and development especially in the non-oil sector.

Sheikha Lubna will also head a high-level delegation consisting of 250 UAE businessmen and representatives from various government departments to take part in the first UAE-South Korea Forum and Exhibition on investment opportunities.

Addressing the South Korean business community during her last visit to Seoul along with H.H Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, Sheikha Lubna had pointed out that South Korea is one of the fastest growing trade partners of UAE, as the two-way trade between the two countries had recorded a 100 percent growth during the last three years. The volume of bilateral trade between the two countries had surged into 15.8b US$ in 2006 from 7.9b in 2003.

She also said that UAE will continue to modernize its legislative system in the best interests of trade and economy, adding that the amendments in the companies law and the law of foreign investment as well as other laws are expected to make trade procedures easier and support the private sector. She also reiterated UAE's continuous strive for diversification of its economy and encouragement of industry and services sector. Sheikha Lubna also shed light on UAE's economic policies encouraging small and medium-scale industries and projects.

Korea is considered as the second largest Asian economic partner of UAE after Japan and many Korean conglomerates like Hyundai, Daewoo, Samsung and LG have branches in UAE. (Emirates News Agency, WAM)


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