The trade volume between the UAE and South Korea reached $23 billion in 2011 according to new figures released ahead of the inaugural ‘Made in Korea’ (MIK) exhibition to be held in Abu Dhabi.

These figures create a favorable backdrop to the MIK, the first event of its kind in the region to comprehensively showcase South Korean products, services and technologies, said the organisers Ideal Idea Events.

The expo will run from May 21 to 23 at the Abu Dhabi National Exhibition Centre gathering 300 high-profile Korean exhibitors from a wide range of industries including automotive, engineering, metal, hospitality, textile, electrical, chemicals, rubber and plastics, power, healthcare, ICT, media, construction, furniture, fashion, and sports.

“It is clear that bilateral relations between the UAE and South Korea are moving from strength to strength as both countries continue to explore new avenues to promote mutual growth and development,' remarked Faisal Al Raisi, managing partner at Ideal Idea Events.

According to him, the trade volume between the two countries has reached a whopping $23 billion in 2011, establishing South Korea as one of the key trading partners of the UAE and opening more opportunities for socioeconomic cooperation.

'Made in Korea will create a dedicated networking platform to help further strengthen trade relations between the two countries, while offering a unique venue to enhance cultural understanding,' he stated.

The Korean exports to the UAE during the period from January to April 2011 hit $2.27 billion, up 53 per cent compared to the same period the year before, he said, citing the data.

Korean imports from the UAE during this period reached $4.58 billion registering an increase of 14.4 per cent.

Al Raisi pointed out that the UAE had become one of the biggest markets for South Korea’s contracting companies.

'In 2010, the total value of contracts awarded to Korean companies in the UAE surged to $25.6 billion from $16.8 billion in 2009,' he added.-TradeArabia News Service