June 22nd, 2012
12:37 PM GMT
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Abu Dhabi (CNN) – Growing economic ties between the UAE and South Korea are encouraging an influx of Koreans into the Gulf nation.

There are currently an estimated 7,500 Korean in the UAE, and that number is expected to reach 13,000 in the next two years.

Lee Hyo-Won owns a restaurant in Abu Dhabi and has experienced the influx first hand. “Twelve years ago, it's not easy finding Koreans in the street. Now we can see anywhere, shopping malls, schools, it's easy to find Koreans,” she told CNN’s Schams Elwazer.

Last year, trade between South Korea and the UAE grew 24% to $22 billion. The boom is riding the economic momentum created in 2009 when the UAE granted a South Korean consortium a $20 billion contract to build four nuclear reactors - the first in the region outside of Iran and Israel.

“That was a kind of a sign of trust given by the UAE government to the Korean companies and since that time onward we think that the Korean companies became very confident in the relationship, as well as the commercial prospects,” said Kwon Tae-Kyun, South Korean Ambassador to the UAE.

In March 2012, Abu Dhabi granted oil concessions to the state-run Korean national oil corporation and GS Energy to explore a tenth of this Emirate’s land mass, giving the Asian nation a foothold in an industry traditionally dominated by Western companies.

At the core of the relationship are strong government ties. South Korean president Lee Myung-Bak, who is a former CEO of Hyundai with extensive business experience in the Middle East, has visited the UAE twice in as many years.

A series of ministerial delegations have penned deals in industries as varied as health, agriculture, education and military cooperation, as well as traditional sectors such as construction and energy. It's a relationship officials say is complementary, with the UAE providing oil and gas and Korea offering industries and know-how.

“Over the past three years, the two sides in a very harmonious way have been able to exchange these areas of strength between each other and benefit each other,” said Sultan Al Mansoori, UAE’s minister of economy. “I hope that other countries of the world will learn about the lesson that we have created with this beautiful example of cooperation.”

Bahk Jae-Wan, South Korean Minister of Strategy and Finance, concurs. “Our economic structure is complementary with each other,” he said. “Korea lacks natural resources but we are abundant in terms of human resources, whereas UAE has enormous natural resources and has very proper and great vision of developing human resources in the near future.”

For Korean companies, the politically stable UAE is also a geographically strategic hub in the Middle East.

“The opportunities are becoming larger and larger in Africa, northern Africa, central Asia, and the UAE is in the center of that,” said Kwon Tae-Kyun, South Korean ambassador to the UAE. “The UAE is the most suitable place to start a business or to be used as a hub for advancing to other countries in the whole region,” he added.



soundoff (6 Responses)
  1. umadbro

    No QQ from the US or their Zi onist israeli masters.

    June 23, 2012 at 3:49 am |
  2. Oldeye

    This is a great economic cooperative happening for the two countries.
    Let's hope that they treat each other as equals and not be high-handed about
    who is more superior. Historically speaking, what goes around, come around.
    Things remain to be seen. Wish the two nations the best.

    June 24, 2012 at 10:38 am |
  3. m.s.mohamed ansari

    RUSH SAVE GLOBAL ECONOMIC TSUNAMI

    M.S.Mohamed Ansari 13 April 2009

    All press and Media Arabs leader and G20 leader at. Headquarters of All association
    AND ELECTRONIC VOTE. CONTROLL BY CONGRESS.
    A TO Z + 8. QUEEN + 8
    Royal wedding. And royal security force 10 generation total cost $ 57 trillion
    Each every politician rolling 8 years only just like chess board Game.
    But queen family rolling 10 generation y

    GLOBAL ECONOMIC COLLAPSE REASON WAR. Improve Economy only 6 points. Peace, prayer
    Liberty, Unity, friendly And simplicity.

    I am also Happy to kill osma bin laden
    Turing point of global Economy. Islam not allowed to be Terrorist and Terrorist people are not a Muslim
    1. Please avoid war. Day by Day war cost increase $ 3.5 trillion
    2. Global economy and food price every Day increase
    3. International job less unemployment Y. All businessmen effected business.
    4. Global financial crisis every CNC manufacture. New technology energy product Effected FDI investors.
    5. Every Day OPEC Oil Price Increase
    6. World poverty problem. Bankrupt 170 Bank overalls 87000 Branch
    7. Each every single man Effected
    8. Ignore future Death million of already Death
    9. Million of People Wounded
    10. Global environment climate will be change this will lead Global Agriculture problem

    Copy.
    A. International criminal court. B. white house. global human right association .C.IMF
    D. euro union. E. united nation F.ALL international famous press and media

    JUSTICE IS IN PERIL. SAVIOUR OF INTERNATIONAL JUSTICE ALONE CAN PROTECT HUMANITY

    From. Mr.M.S.Mohamed Ansari,
    154, Angappa Naicken Street,
    Chennai – 600 001.
    Tamil Nadu,
    INDIA..
    To , The Hon’ble Chief Justice,
    The Supreme Court,
    United States of America,
    Washington, D.C.
    Fax no: 213.547.8080
    Dear Sir,
    Sub: Prosecution of previous President Mr. George W.Bush, for violation of International Code of Conduct.
    Mr. George W.Bush, the previous President of United States of America, initiated a war against IRAQ, without obtaining the previous sanction of United Nations Organization (UNO) on the pretext of having nuclear weapons, even though the then IRAQ government openly exhibited to the whole world that it has no nuclear weapons.
    According to the CNN WORLD report, in the war 6, 75,000 civilians killed, 7500 troops of USA and its allied forces killed 3 25 000 people wounded and $ 3.5 Trillion Dollar spent for the war. This spending of $ 3.5 Trillion Dollar is the main cause of action for the present economic crises prevailing all over the world.
    After winning the war against IRAQ, the United States of America’s President Mr. George W.Bush, also admitted the same fact, and he openly stated that the Intelligence agency misguided him.
    Later on, even the United Nations Organization (UNO) also certified that the IRAQ has no nuclear weapons.
    Then it is the bounded duty of the United States of America and its allied forces to withdraw from IRAQ.
    But instead of withdrawing from IRAQ, the United States of America and its allied forces formed a government in IRAQ, under their control and administered the entire IRAQ, and its peoples.
    This indicates a clear violation of duty by the President of United States of America Mr. George W.Bush and also a clear case of violation of the International Code of Conduct for UNO members.
    Thus Mr. George W.Bush attracts prosecution for the above said offence.
    Thus I hereby pray this Hon’ble Court initiate criminal proceedings against Mr. George W. Bush, and give him maximum punishment for
    a) initiating the war against the IRAQ
    b) killing its innocent IRAQI peoples civilian 6, 75 000
    c) Killing troops of USA and allied forces and 7 500
    d) The present economic crises.
    e) 3 25 000 civilian and coalition 39 000 wounded
    Dated on this day of 13th day of April, 2009.
    Yours truly, (M.S.MOHAMED ANSARI)
    COPY TO
    The Chief Justice, the International Court of Justice, The Hague, Netherlands.
    The Secretary General United Nations Organization
    The Chief Justice, the Supreme Court, IRAQ.
    His Excellency Mr.Barack Obama, the President of United States of America, White House, Washington D.C.

    June 25, 2012 at 12:29 pm |
  4. hmmm

    umadbro
    lol.. becuz it is a power plant.. u kids need to grow up and get a job instead of sitting in front of your pc all day cry u get under paid.. most likely u still live with ur mom.. so the question to u is are umadbro?

    July 11, 2012 at 3:28 am |
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