Khaleej Times reported that Abu Dhabi’s industrial strategy has been prepared in cooperation with partners Key government entities.
Mr Nasser Ahmed Al Suwaidi chairman of Department of Economic Development Abu Dhabi said while speaking to 200-Korean investors and top officials at the Abu Dhabi Investment Forum in the South Korean capital Seoul that “The strategy has taken into consideration the provision of incentives and privileges to investors in industry with an aim to foster its role in the local economy. Last year, the private sector accounted for 25% of total GDP and expected to grow further, fuelled by the Government’s commitment to support the national and foreign private sector.”
Mr Al Suwaidi said that the economic reforms boosted Abu Dhabi’s by 14 per cent on average during last decade, making a more diversified and sustainable economy. Abu Dhabi is committed to bolstering cooperation in various sectors, especially in clean energy, IT and Telecommunications, and SMEs. The relations between the two countries have been expanding to all areas especially following the agreement to build four nuclear power plants in the UAE.
He said that non oil trade exchange between Abu Dhabi and South Korea went up to USD 978 million in 2010 from USD 73 million in 2005. In the same period, the UAE non oil trade touched USD 17.7 billion in 2010 up from USD 12.7 billion in 2005 making it the second largest importer from South Korea in the Middle East and the second biggest exporter of oil to this country.
The South Korean investments in the UAE were estimated at USD 500 billion during 2002 to 2010 with 160 Korean companies working in mainly in heavy industries, information and technology. The UAE’s investments in South Korea were estimated by end of 2009 at USD 70 million in 22 companies operating in manufacturing, industrial services, power, gas and construction sectors.
Meanwhile the Korean Embassy in Abu Dhabi said that the nuclear power plant project pushed the bar of strategic ties to the highest ambitions whilst presenting a spectrum of cooperation in various aspects such as economy, politics, energy, culture, educations and health.
The embassy said that Korea and Abu Dhabi are fostering cooperation in medicine, agriculture, healthcare, education, culture, technology transfer and skilled manpower. The total number of Korean employed in the UAE was 5000 by end of 2010, 6000 by end of May and expected to by 20,000 residents by end of 2014.
Mr Tawfeeq Al Mubarak executive VP of Abu Dhabi Ports Company highlighted the opportunities presented by Khalifa Industrial Zone. He invited Korea’s energy, manufacturing and technology firms to take advantage of the zone.
(Sourced from khaleejtimes.com)
