Forum focuses on the UAE

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Forum focuses on the UAE

The UAE is reaching out to its Korean partners to maintain and create mutually beneficial opportunities by utilizing each other’s unique experience and exchanging expert knowledge.

The UAE-Korea Economic Partnership Forum begins today at Coex, southern Seoul, and runs through tomorrow. Preregistered Korean companies interested in doing business in the Emirates and elsewhere in the region can have individual meetings and get legal advice.

Led by the Federation of UAE Chambers of Commerce and Industry, many exhibitors are government agencies and several companies related to the petroleum industry, including Abu Dabi National Oil Company. Other firms are from the real estate, construction, biomedical, shipbuilding, finance and legal sectors.

The bilateral strategic partnership agreement of 2009 triggered active economic exchanges between the two countries. Nuclear energy cooperation, led by Kepco, also has produced a remarkable number of joint projects.

The Emirates attract foreign investors with tariffs of no more than 5 percent and by eliminating corporate and personal income taxes.

The UAE accounts for 35 percent of total trade in the Middle East, according to the organizers. Like its neighbors, the country’s federal government is interested in the medical industry as a focus of investment. In 2011, Korea and the UAE signed an agreement promising cooperation in medical services.

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