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Mohammed bin Rashid forecasts major economic power

posted on 22/05/2007: 716 views

Seoul - H.H Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai has promised the emergence of a major economic power with the establishment of strategic partnership and cooperation between UAE and South Korea.

At a business forum organized by the Korea Federation of Small and Medium Business held at Grand Hyatt Hotel on Monday evening, which was attended by a number of ministers and a large section of business community from both countries, Sheikh Mohammed said that the partnership can spread to a wide variety of investments covering sectors of tourism, technology, industry and energy.

S. Korean Minister of Commerce, Industry and Energy Kim Young-joo extended his warm welcome to Sheikh Mohammed. He noted that South Korean President Roh Moo-hyun made a state visit to UAE just a year ago to consolidate the friendly relations between Korea and UAE expressing his hope that visit of HH Sheikh Mohammed would further inject fresh vigour into the bilateral relations in the fields of economy as well as other non-commercial areas leading to mutual prosperity of Korea and UAE in the coming years.

Sheikh Mohammed said that although this was his first visit to South Korea, he has been watching with great interest the development and growth of South Korea from far, and through a number of trade delegations who exchanged visits he always stood with wonder and excitement at the progress of civilization in this country.

In his welcome address, Kim said that a partnership between Korea and UAE will be further developed into new business paradigm on mutual prosperity in the areas of IT, construction and energy sectors in particular.

Sheikh Mohammed said that in addition to the already signed agreements between UAE and South Korea more trade and investments pacts would be signed during his visit.

Addressing the forum, Sheikha Lubna Bint Khalid Al Qasimi, Minister of Economy said that the trade between UAE and South Korea is growing fast and during the last three years the two-way trade growth stood at a remarkable 100 percent. She also said that UAE is considered by economists of the world as an excellent example of growth and development.

Earlier in his welcome address Kim Sang-yeol, vice chairman of the Korea Chamber of Commerce and Industry, said that more Korean companies are keen in establishing partnership with their UAE counterparts and described UAE as emerging hub of international financing and service business with immense market potential.

Kim said that the two-way trade between Korea and UAE as well as investments are set to increase in the years to come thanks to futuristic economic policies being introduced by UAE. After arriving here on Monday, Sheikh Mohammed immediately started his busy schedule which started with meeting with Korean business community leaders on the first day of his two-day schedule.

Accompanied by about 120 business people, Sheikh Mohammed engaged in discussions on his country's planned investments in South Korea's cultural and industrial sectors as well as new business partnership with Korean business firms in the areas of IT, construction, energy and other areas of mutual interest. (Emirates News Agency, WAM)


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