ID :
33519
Tue, 12/02/2008 - 11:09
Auther :
Shortlink :
http://m.oananews.org//node/33519
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UAE wants more joint development projects with S. Korean firms: envoy
By Lee Chi-dong, Park In-sook
SEOUL, Dec. 2 (Yonhap) -- The United Arab Emirates (UAE) has rolled out the red carpet for South Korean investors and businesses, boosted by its rapid economic growth despite the global financial crisis, the Middle Eastern nation's top envoy here said Tuesday.
Ambassador Abdulla M. Almaaina stressed that the UAE is a land of opportunity for
South Korean firms as it prepares for a slew of development projects and provides
a package of incentives such as customs waivers and tax exemptions for inbound
capital equipment.
"The UAE's construction industry is booming. We are waiting for various
investments by South Korean companies and participation in construction
projects," he said in an interview with Yonhap News Agency marking the 37th
National Day of his country. "The UAE is ready to expand its mutual investments
and increase other cooperative exchanges."
He said the UAE economy remains intact in spite of the global crisis and is
expected to see its growth exceed 8 percent this year and hover above 7 percent
next year.
The ambassador, who has served here for three years, pointed out that the two
nations' relations have made remarkable progress in all sectors since the
establishment of formal diplomatic ties in 1980.
Bilateral trade between the two sides topped US$16.3 billion last year. The UAE
holds around $2 billion in foreign direct investment in South Korea.
"We have great confidence in Korean investors based on their good reputation, the
high technical and technological potential they possess and their experience in
executing physical, industrial and other infrastructure projects," he said.
He said South Korea is an important nation not only to the UAE but also to the
other Arab states.
Almaaina expressed hopes that the Korea-Arab Society, inaugurated in May, will
help expand the ties between the two sides.
The Seoul-based organization is designed to boost people's understanding of
Islamic culture and foster human networks, as well as support firms seeking
business opportunities.
The envoy was guarded about whether South Korea will win the much-coveted
contract of exporting its new-generation fighter-trainer jet named "T-50 Golden
Eagle" to the UAE. Each plan is priced at 23 billion won (US$15 million).
South Korea is bidding for the UAE's project of procuring dozens of advanced
trainer jets.
"The related (selection) process is still under way," he said, refusing to give
details.
SEOUL, Dec. 2 (Yonhap) -- The United Arab Emirates (UAE) has rolled out the red carpet for South Korean investors and businesses, boosted by its rapid economic growth despite the global financial crisis, the Middle Eastern nation's top envoy here said Tuesday.
Ambassador Abdulla M. Almaaina stressed that the UAE is a land of opportunity for
South Korean firms as it prepares for a slew of development projects and provides
a package of incentives such as customs waivers and tax exemptions for inbound
capital equipment.
"The UAE's construction industry is booming. We are waiting for various
investments by South Korean companies and participation in construction
projects," he said in an interview with Yonhap News Agency marking the 37th
National Day of his country. "The UAE is ready to expand its mutual investments
and increase other cooperative exchanges."
He said the UAE economy remains intact in spite of the global crisis and is
expected to see its growth exceed 8 percent this year and hover above 7 percent
next year.
The ambassador, who has served here for three years, pointed out that the two
nations' relations have made remarkable progress in all sectors since the
establishment of formal diplomatic ties in 1980.
Bilateral trade between the two sides topped US$16.3 billion last year. The UAE
holds around $2 billion in foreign direct investment in South Korea.
"We have great confidence in Korean investors based on their good reputation, the
high technical and technological potential they possess and their experience in
executing physical, industrial and other infrastructure projects," he said.
He said South Korea is an important nation not only to the UAE but also to the
other Arab states.
Almaaina expressed hopes that the Korea-Arab Society, inaugurated in May, will
help expand the ties between the two sides.
The Seoul-based organization is designed to boost people's understanding of
Islamic culture and foster human networks, as well as support firms seeking
business opportunities.
The envoy was guarded about whether South Korea will win the much-coveted
contract of exporting its new-generation fighter-trainer jet named "T-50 Golden
Eagle" to the UAE. Each plan is priced at 23 billion won (US$15 million).
South Korea is bidding for the UAE's project of procuring dozens of advanced
trainer jets.
"The related (selection) process is still under way," he said, refusing to give
details.
