Industrial firms in South Korea – especially those in electronics, automobile and petrochemical sectors – were urged to set up strategic partnerships with Abu Dhabi.
"Abu Dhabi is keen to enhance its investment relations with South Korea, which is the second largest importer of UAE oil," Nasser Ahmad Al Suweidi, Chairman of the Abu Dhabi Economic Development Department, said at the opening the Abu Dhabi and Korea Business Forum. "South Korea is a development model and is the third largest economy in Asia and the 12th largest in the world."
Mohammed Issa Al Rifai, Director of the Foreign Trade Relations Department at Abu Dhabi Chamber of Commerce and Industry, said the total value of South Korean investments in the emirate was Dh24 billion. And he added: "The figure is expected to reach Dh28bn to Dh30bn in the near future."
He said most South Korean investments were in the fields of renewable and nuclear energy.
More nuclear deals eyed
South Korea hopes to build another four nuclear reactors in the UAE, the country's ambassador said, doubling the number agreed in a December deal.
The UAE awarded a deal worth up to $40 billion (Dh146.9bn) – one of the largest ever awarded in the Middle East – to a South Korean consortium in December to build and operate four nuclear reactors in the country. "We hope to build four more reactors, but so far there is no agreement on this," Chung Yong-chil, South Korean Ambassador to UAE said on the sidelines of a conference. The UAE expects to start its first nuclear power plant in 2017. It expects nuclear energy to eventually account for 25 per cent of its power requirements. (Reuters)
Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here.