Dubai Economic Council to benefit from the South Korean experience in innovation International Business

Hani Rashid Al Hamli, Secretary-General of the Dubai Economic Council, DEC, has said that Dubai has adopted an "innovation" approach for its development agenda, and there are several institutions in Dubai that are actively working to stoke this trend and turn the city towards being at the forefront of the world's economies in innovation.

He also said that Dubai enjoys close ties with South Korea in various fields, and therefore looks forward to benefiting from South Korean experience for the favour of innovative capacities in Dubai.

This came in a statement when Al Hamli recently received Namduk Heo, Consul-General of the Republic of South Korea in Dubai and the Northern Emirates, in the presence of the DEC executive team.

Al Hamli praised the growing economic and trade relations between the UAE and South Korea, saying, "These relations have taken a variety of forms, including the exchange of visits by senior state officials, in addition to the ongoing cooperation between business communities in various sectors and activities."

According to Al Hamli, the total trade volume between the UAE and South Korea has reached about $33 billion (AED 119 billion) and South Korea ranks 12th as a trading partner of the emirate.

"The number of South Korean companies operating in Dubai and the Northern Emirates reaches 170 companies," he said, adding, "Dubai also received a large number of South Korean tourists during the past two years."

Al Hamli praised the South Korean experience in development and innovation, stating that South Korea stands today with the major industrialised countries, especially in the field of electronics, telecommunications, automotive and chemicals, where the industry sector constitutes approximately 50% of the GDP.

The DEC Secretary-General said that there are broad prospects for enhanced cooperation and economic relations between Dubai and South Korea, especially in the areas of innovation, research and development, and in terms of the UAE and Dubai's strategy to shift to a knowledge-based economy. "This is in addition to the participation of South Korean companies in the implementation of large-scale development projects planned in Dubai in the coming period, especially in the context of the ongoing preparations for Expo 2020 Dubai," Al Hamli concluded.

Namduk Heo commended ongoing developments taking place in Dubai in various fields that transform it into a modern cosmopolitan city. He also expressed his admiration for the openness of Dubai on the world's cultures and its bid to act as a bridge across civilisations.

The South Korean diplomat also expressed his admiration for the critical role that the DEC plays as a strategic partner to the government of Dubai in economic decision-making.