During his meeting with the Korean Ambassador
Al Mansoori says the UAE is heading into new economic stage focuses on knowledge and innovation
UAE and Korea cooperate through the Investment Map Project to identify areas of cooperation
Dubai, September 10, 2011: The UAE Minister of Economy His Excellency Sultan Bin Saeed Al Mansoori said the UAE is heading into new economic stage that focuses on knowledge and innovation, through increasing the contribution knowledge economy in GDP across a range of approaches include innovation, creativity and development of small and medium enterprises and strengthening intellectual property rights.
This came during a meeting with His Excellency Toon Kyu kwon ambassador of the Republic of South Korea's to the UAE, where the two sides discussed latest developments in economic relations, especially the follow-up process of applying the cooperation projects that have been agreed during the second meeting of the Joint Economic Committee. This includes cooperation in various sectors, notably investment and small and medium enterprises, energy, education, air transport, environment, innovation and intellectual property, infrastructure and construction.
During the meeting, H.E Al Mansoori reiterated the need to provide more details about the sectors that comes within the Investment Map Project (IMP), launched recently by the Ministry of Economy and which targets a number of countries in the world that are considered strategic for the UAE including South Korea.
Mr Al Mansoori said that the Ministry of Economy will ensure through IMP to encourage exchange of direct investments with South Korea through presenting benefits and incentives offered by the UAE to the Korean investor.
Mr Al Mansoori pointed out that the development in bilateral relation between UAE and South Korea comes as a continuation of what has been agreed by the leaders of the two countries, specifically during the visit of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, to South Korea, where these visits focused on raising the level of cooperation and coordination between the two countries to higher levels through the development of effective mechanisms to achieve this common goal.
From his side the Korean Ambassador praised the Investment Map Project launched by the ministry, which targets South Korea and expressed the readiness of his government and a large number of Korean companies to be part of this strategic project which contributes to increase flow of investments between the two countries and thus raise levels of trade.
He noted that his government has already defined the mechanisms and working groups that will work on coordination with the UAE side on IMP.
In this context, HE Al Mansoori stressed the importance of IMP to build strategic relations with Korea in various fields such as energy and clean technology, information technology, small and medium enterprises and to benefit from the Korean experience in this area. He also called the private sector in both countries to be major part of this project through exchanging visits and economic forums in order to explore opportunities on ground.
For further information, please contact:
Nedal Al Asaad / Nizar Aridi
Tel: (+971 4) 334 4550; Fax: (+971 4) 334 4556