UAE-Korea Business Council Established to Strengthen Commercial Ties


Over two dozen companies representing both the public and private sectors of the United Arab Emirates and South Korea have formed the UAE-Korea Business Council, to boost the already strong commercial ties between the two countries, and creating future economic growth.

The UAE and South Korean business leaders attended a high profile meeting Sunday in the capital to discuss ways to enhance business interaction between the two countries. The Business Council was launched last May during meetings in Seoul, Korea.

To underscore the significance of the business council initiative and the opportunities it creates for both the UAE and Korea, President of the Republic of Korea, Lee Myung-bak spoke to the gathered business leaders as part of his State visit to the UAE.

The UAE-Korea Council’s goal is to develop a national forum to stimulate business relations, identify and develop the best approaches and practices to stimulate investment, and nurture and promote the growth of the UAE-Korea economic relationship. To do so, the Council will provide support services and assistance to Korean and UAE organisations and professionals in establishing presence and activities in both countries.

The UAE Co-Chairman of the Business Council, Mohamed Al Hammadi, Chief Executive Officer of Emirates Nuclear Energy Corporation (ENEC), said he “believed it would become an important resource for stimulating economic growth.”

In his welcoming remarks, the Korea Co-chairman, member of National Assembly and former Minister of Knowledge Economy, Choi Kyunghwan, said “I have absolute confidence that UAE-Korea Business Council, will play the most significant role in nurturing economic cooperation between the two countries.”

The founding members representing the UAE include: Abu Dhabi National Oil Company, Abu Dhabi Investment Authority, Advanced Technology Investment Company, Abu Dhabi Ship Building Company, Emirates Nuclear Energy Corporation and Abu Dhabi Future Energy Company, apart from Etihad Airways, Mubadala Development Company. Dubai’s leading business houses including Juma Al Majid Group, Al Rostamani Group, Al Ghurair, Group, Al Habtoor Group, Al Serkal Group, besides Al Ghandi Group, Al Futtaim Group are part of the new business association. South Korean companies, who are member of the council include Doosan Heavy Industries & Construction, Doosan Corporation, Hanwha Group, Hyundai Engineering & Construction, Kolon, National Pension Service, STX Corporation, Samsung Construction & Trade, SK Group, and LG Electronics.