DWC to be key for trade with Korea
According to leading Korean officials, Dubai World Central will become a key entry point for Korea's expanding trade with the UAE.
The Korean International Trade Association (KITA) believes Dubai Logistics City (DLC), part of the forthcoming urban aviation community in Jebel Ali, will become pivotal to developing Korea's expanding export footprint within the Middle East. According to Korea-Eximbank statistics, Korea's annual trade volume to the Middle East rose four-fold last year to US$175 million, compared to $42.6 million in 2005.
"DWC represents a one-stop services hub for the Middle East meaning it will eventually become a key entry point for Korean products to the region as a whole," said Jae-Sook Kim, managing director, KITA.
"The UAE alone has seen over a 100% increase in imported goods from Korean over the past ten years based largely on automobiles and electronic goods, both of which are expected to continue their business growth in this country," he added.
In the last year, Korea has placed trade with the UAE high on its international agenda. Last November, the Korean Foreign Minister Soog Min-Soon embarked on a six day trade tour of the Middle East, while several industrial delegations have recently visited Dubai Logistics City to see firsthand the benefits of potential investment opportunities at the project.
"Korea is the world's 11th largest economy and the third in Asia after Japan and China. It is an industrial powerhouse with a rapidly expanding international trade outreach and cannot be ignored by anyone in the trade value-chain," said Michael Proffitt, CEO, DLC. "Dubai and the UAE has been actively courting Korean trade over the past year."