The Korea Trade and Investment Promotion Agency (KOTRA), with the support of the Ministry of Trade and Industry and Energy of Korea, organised the "Korean Investment Forum 2017" in Dubai on Wednesday, under the patronage of the Ministry of Economy.

The forum aims to highlight promising areas for mutual trade and investment by strengthening economic ties between the UAE and Korea, and build a sustainable partnership for the benefit of both countries and their peoples.

Abdullah bin Ahmed Al Saleh, Under-Secretary of the Ministry of Economy for Foreign Trade and Industry, said during a speech at the start of the forum under the banner "To a New Industrial Era in Korea", that both countries share beneficial partnerships in different areas of investment and trade. He highlighted a number of active economic co-operation in vital sectors that serve as important factors in the economic agendas of both countries.

He noted that the distinct economic relationship between both countries is clearly visible from their level of joint commercial partnerships, with the UAE being the largest trade partner for Korea in the Middle East and North Africa, as well as its biggest supplier of oil.

The total trade between both countries reached US$4.7 billion during the first half of last year, including the free trade zones, compared to around $9.3 billion for the whole of 2015.

The economic environment of the UAE is one of the most important factors for attracting Korean investment to the region. The Ministry of Economy registered more than 80 Korean companies in the UAE in 2015, excluding free zone companies, as well as 240 commercial agencies and 2860 registered trademarks during the same period, he said.

He added that more than 14,000 Korean citizens live and work in the UAE, and they are all supporting the economic growth of the country.

Dubai’s hosting of Expo 2020 also provides an excellent opportunity for Korean investors who want to invest in the UAE to benefit from its excellent economic environment and strategic position as a gateway to Middle Eastern and North African markets, he further added.

Jaehong Kim, CEO of KOTRA, in his speech at the opening session of the forum, praised the advancement of the UAE during an exceptional period that caught the world’s attention when it earned the title of "Miracle of the Desert", which is something in common with Korea that rose from political and economic challenges and earned the title "The Miracle of the Han River".