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Gulf 'accounts for 60pc Korea EPC deals'

Dubai, December 22, 2011

The Gulf region accounts for 60 per cent of Korea's engineering, procurement and construction (EPC) projects overseas which is estimated to be worth $43.3 billion, according to a report.

The GCC is now Korea’s fourth largest trade partner with its imports and exports to the region achieving a growth of 11.2 per cent and 13.8 per cent, respectively, from 1990 to 2010, said  figures released at the recent Korea-Middle East Cooperation Forum in Jeju, South Korea.

Korea, on the other hand, is the Gulf's sixth biggest trade partner, it added.

"In the region, the UAE is Korea’s biggest EPC market as 35.7 per cent of all its EPC contracts abroad are located in the country," remarked Faisal Al Raisi, managing partner at Ideal Idea Events, organisers of Made in Korea (MIK 2012), a pioneering exhibition in the region showcasing products, services and technologies from South Korea.

The expo, to be held from May 21 to 23 in Abu Dhabi, will draw at least 300 high-profile Korean exhibitors from a wide range of industries including automotive, engineering, metal, hospitality, textile, electrical, chemicals, rubber & plastics, power, healthcare, ICT, media, construction, furniture, fashion and even sports.

Representatives from Korean government agencies and regulatory authorities will also be there to meet their counterparts from the UAE and other Arab countries, said the official.

Organisers are expecting over 25,000 visitors during the three-day event.

"The EPC contracts will be a key focus during the show as the region currently accounts for up to 60 per cent of all Korean EPC contracts abroad," Al Raisi added.

The MIK 2012 is being supported by the UAE Ministry of Foreign Trade, Abu Dhabi Tourism Authority and the World Food Programme.-TradeArabia News Service




Tags: UAE | Construction | Gulf | Korea | contracts | EPC |

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