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Mon 23 May 2011 06:39 PM

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Abu Dhabi targets China, South Korea on investments

Senior officials from top UAE firms to visit both countries to discuss investment possibilities

Abu Dhabi targets China, South Korea on investments
Beijing, China (Getty Images)

Senior officials from Abu Dhabi are set to visit South Korea and China to discuss potential opportunities for companies to invest in the emirate.

Abu Dhabi Department of Economic Development (DED) is organising the Abu Dhabi Investment Forum in South Korea on May 30 and China on June 2.

A high profile delegation is taking part in both events led by Nasser Ahmed Al Suwaidi, DED's chairman, and will include senior representatives from local government entities, state news agency WAM reported on Monday.

Top executives from the likes of Masdar, Abu Dhabi National Oil Company, the National Bank of Abu Dhabi, Etihad Rail and Abu Dhabi Basic Industries Corporation will speak during the forums.

China is expected to be the GCC's most important economic partner by 2020, according to a report by the Economist Intelligence Unit (EIU).

As well as China, South Korea, Singapore, Malaysia and India will remain important as providers of technology and know-how for GCC states, the report, published earlier this month, said.

South Korea's imports from the UAE reached $12.2bn in 2010, up 31 percent from the previous year, the Dubai Chamber of Commerce and Industry said in March.

The rise in imports made the UAE its ninth largest import market internationally and the second largest market in the region after Saudi Arabia.

Omar Abdulla, Undersecretary, DED, said: "Abu Dhabi Investment Forum in both South Korea and China is part of several initiatives aimed to achieve the highest level of synergy with those countries to attain Abu Dhabi Leadership's vision of attracting investments, opening opportunities for businessmen whilst benefitting from the Korean and Chinese experience in energy, industry and infrastructure sectors."

He said Abu Dhabi was keen to bolster economic ties with both countries, adding that both had a "great record in state-of-the-art technologies to help fuel our economy".

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Ronald Ramos 9 years ago

Well good for Abu Dhabi, I wish they will develop more global airports across Asia-Pacific and more hotels as well. I hope they will consider the Philippines, Singapore, Thailand and Malaysia even Taiwan as well, because the potential for travel and investments and travel are growing from Abu Dhabi.