With investments exceeding one billion dollars… an Emirati-Korean partnership to study the establishment of a Korean industries zone in Abu Dhabi
ABU DHABI, 6 July / WAM / The Emirati company “AG” announced the signing of a strategic partnership with the “Akbar” Investment Company in the sisterly Republic of Korea, to study the establishment of an industrial zone specializing in Korean industries in the Emirate of Abu Dhabi, in a step that reflects the growing economic and investment cooperation between the UAE and the sisterly Republic of Korea.
The announcement came in conjunction with the visit of a high-level Korean delegation to the Emirate of Abu Dhabi, which included representatives of governmental and semi-governmental entities and investors, headed by Mr. Jong Min Kim, Member of the Korean National Assembly, Member of the Committee on Trade, Industry, Energy, Small and Medium Enterprises, and Emerging Companies.
The agreement witnessed the signing of 15 memorandums of understanding with a number of Korean companies and factories operating in various industrial sectors, as the industrial zone is expected to include more than 25 factories in its first phase, with investments exceeding one billion US dollars.
The Korean delegation held a series of meetings with the relevant authorities in the emirate, including the Abu Dhabi Investment Office and the Khalifa Economic Zones Abu Dhabi (KIZAD), to learn about the advanced investment environment provided by the emirate, and the modern infrastructure, services and facilities it provides that support the growth of industrial and technical investments.
The delegation also held meetings with a number of Emirati businessmen and investors, and was briefed during field tours on the level of readiness and operational efficiency enjoyed by the Emirate of Abu Dhabi, which enhances its position as a global destination for quality industrial investments.
Mr. Jong Min Kim stressed that the UAE, and Abu Dhabi in particular, has succeeded in consolidating its position as one of the most attractive and trusted investment destinations in the world, thanks to its ambitious economic vision, advanced legislative environment, and advanced infrastructure.
He pointed out that these exceptional elements, in addition to the stability that the country enjoys and its ability to attract quality investments, make it the ideal partner to expand the presence of Korean industries in the region, stressing that the project represents a new strategic step towards strengthening the economic partnership between the two countries.
For his part, Dr. Ahmed Abdullah, CEO of AG, stressed that the project embodies the strategic directions of the UAE towards building a more diversified and competitive national economy based on knowledge, innovation, and self-driving and implementing artificial intelligence.
He added that attracting Korean industries to the country does not merely represent an economic investment, but rather an investment in transferring expertise, developing national competencies, and enhancing the UAE’s position as a regional and global center for industry and innovation.
He explained that the project represents a model of qualitative international partnerships that contribute to building an advanced industrial system that enhances the position of the national economy and its competitive ability, and creates qualitative and sustainable job opportunities for citizens that keep pace with the requirements of the future.
In turn, Dr. Omar Najm, CEO of Baynouna Genetic Solutions, praised the rapid development witnessed by Korean industries in the fields of artificial intelligence and advanced health technologies.
He added that the project constitutes an opportunity to build qualitative partnerships that support research and development, following the delegation’s review of a number of advanced industrial products and technologies.
For his part, Safwan Belas, Advisor to the Board of Directors of AG, pointed out that the nomination of Al Ain City as a proposed location for the industrial zone embodies the vision of the UAE to expand the scope of economic development and enhance and diversify production centers, ensuring a more balanced distribution of growth and investment opportunities, because of its positive impact on the economic and social growth in the city, in addition to attracting investments will provide new qualitative opportunities for its people in a direct and indirect way.
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