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Mon 26 Mar 2018 01:59 PM

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Dubai's non-oil trade with South Korea rises to $7.4bn

Emirate eyes closer ties in sectors such as energy, healthcare, science, space and technology

Dubai's non-oil trade with South Korea rises to $7.4bn
Downtown skyline of Seoul, the South Korean capital city.

Dubai's non-oil external trade with South Korea grew eight percent in 2017 to reach AED27.43 billion ($7.4 billion), according to official figures.

Of the total, AED22.1 billion were in imports, AED 4.47 billion in exports and AED866 million in re-exports, state news agency WAM reported.

It said South Korea is Dubai’s eighth biggest trade partner in imports and ninth in exports.

The figures have been released following the visit of South Korean President Moon Jae-in to the UAE to explore closer ties in sectors such as energy, healthcare, science, space and technology.

Ahmed Abdul Salam Kazim, director of strategy and corporate excellence, Dubai Customs said: "Trade with South Korea is gaining more and more weight and value especially after signing the AEO mutual recognition agreement with them. This helps unfold horizons of mutual trade and facilitations between us which includes carrying out the clearance process before arrival of cargo to the port.

"The visit of the South Korean President Moon Jae-in to the UAE is an indication of the solid relationship between the two states and will explore opportunities between the two countries in the realms of energy, healthcare, science, space and technology."

Kazim added in comments published by WAM that growth in trade with Korea in 2017 "invites for more and better results in the future".

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