UAE and Korea companies to develop business ties

Doosan, Hyundai, Al Habtoor and Al Futtaim meet South Korean president

Hyundai is one of the two dozen members of the UAE-Korea Business Council
Hyundai is one of the two dozen members of the UAE-Korea Business Council


South Korean giants Doosan and Hyundai and UAE business leaders Al Habtoor and Al Futtaim were among the companies that met with South Korean president in Abu Dhabi this week as the two countries looked to enhance their business ties.

Over two dozen companies from both the public and private sectors from both countries formed the UAE-Korea Business Council last year and met this week to discuss strengthening the commercial ties between members.

The members of the UAE-Korea Business Council include a roll-call of some the largest and most influential organisations from the two countries including: ADNOC, Juma Al Majid, Al Ghurair, Samsung and STX.

Both South Korean and the UAE have grown steadily closer recently and the lastest meeting was held to coincide with the state visit of South Korean president Lee Myung-bak to the UAE. Myung-bak signed an MoU with Sheikh Khalifa bin Zayed Al-Nahayan to develop three new oil fields with total reserves of 570 million barrels in Abu Dhabi earlier this week and afterwards he met with the council.

Speaking about the meeing, 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.”

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