Trade between the UAE and South Korea has reached Dh55 billion as both countries expand the scope of trade and investment.
South Korean companies are building four nuclear power plants in the UAE, a contract worth $20 billion (Dh73.5 billion). The East Asian country is one of the biggest importers of crude oil from the UAE.
The UAE Ministry of Foreign Trade will lend its full support to the Made in Korea exhibition, the first event in the Middle East and North Africa (Mena) region to showcase South Korean products, services and technologies, the ministry said in a statement.
"Korean and UAE businesses seek to capitalise on the rapidly growing trade between the two countries, which is manifested by a robust trade volume that reached Dh55 billion in 2010 and is expected to rise further in 2011," said Faisal Al Raisi, managing partner at Ideal Idea Events, organisers of MIK 2012.
"The UAE is South Korea's largest export market in the Middle East," said Abdullah Ahmad Al Saleh, MoFT undersecretary.
Rashid Al Tunaiji, director of the government communications department in the Ministry of Foreign Trade, said the UAE serves as the biggest destination of Korean products in the Mena region.
Value of imports
"The total value of the UAE's imports from South Korea in 2010 was Dh16.45 billion while its exports to South Korea, including oil, petroleum products and alluminium, was worth Dh35 billion," said Al Tunaiji.
Seo Deog-ho, counsellor in the South Korean embassy, said several major companies from the UAE such as Masdar, Mubadala, Takreer, Abu Dhabi Systems and Information Centre, and the Science and Development Company of Abu Dhabi — have forged strong partnerships with South Korean companies.
"Since South Korea looks to the UAE and the GCC region as potential export markets, the MIK 2012 event will add impetus to the growing economic cooperation between the countries by providing a dedicated business-to-business networking platform, while creating a venue to promote cultural understanding," said Seo.
The MIK 2012 Expo will be held at the Abu Dhabi National Exhibition Centre (Adnec) in Abu Dhabi from May 21 to 23 with up to 500 small and medium enterprise from South Korea taking part.