Dubai’s Export Development Corporation has signed a Memorandum of Understanding (MOU) with Korea’s Trade-Investment Promotion Agency aimed at promoting trade and business between the two countries, through joint implementation of pertinent programmes and activities.
Similar to the EDC in Dubai, KOTRA is a Korean government agency, engaged in the facilitation of international trade, promotion of foreign investments, the provision of assistance to domestic companies for overseas investments, and the promotion of foreign investment opportunities in Korea.
Eng, Saed Al Awadi, Chief Executive Officer, EDC said that investment in technology is on the priority list for UAE government, and Korea is a strategic partner for UAE in the technology sector. “In 2008 the foreign trade between UAE and Korea reached AED 13.9 billion with 50% increase on 2007″.
The MOU further stipulates that both sides will seek to assist one another in overcoming trade barriers and cooperating in any government-level efforts to remove or mitigate such barriers.
“The MOU sets out to promote an exchange of information whereby each side will provide the other with relevant information regarding the economic, trade and investment situation within their own countries”, said Dr. Hwan-Eik CHO, President and CEO, KOTRA. “The MOU will bring the two countries closer together while improving bilateral economic cooperation”, he added
In addition, both will cooperate in identifying areas which have strong potential for promoting trade between the two countries, as well as encouraging private companies to participate in trade fairs and exhibitions, in which the products and services of the other country are featured.
Representatives of both sides will meet on a regular basis in a mutually acceptable location to review progress and to find and improve ways in which the objectives of the MOU can be more effectively implemented. Although initially set for a three year period, it will be automatically renewed on a yearly basis by mutual consent.