Kizad is launched in South Korea
The Forum was held in partnership with the Korean Trade-Investment Promotion Agency (KOTRA) and discussed various trade and investment opportunities between Korea and Abu Dhabi. Khaled Salmeen, Executive Vice President of Industrial Zones at ADPC presented Kizad’s unique characteristics to over 200 delegates from Korea’s leading companies, stressing why one of the world’s largest industrial zones is an ideal place for doing business. In addition, Mr Salmeen made the eagerly awaited announcement that the Abu Dhabi Government has signed off all necessary paperwork that allows Kizad to offer free zone company registration to interested tenants.
Kizad’s world-class transport infrastructure via air, road, sea through the adjacent Khalifa Port and rail networks being developed by Etihad Rail, offers tenants considerable connectivity. The 417sq kms Industrial Zone, which is two-thirds the size of Singapore, is now ready to offer potential tenants outstanding access to markets due to its strategic location which can tap into a market of more than four and a half billion consumers within four time zones of Abu Dhabi. Phase 1 of the mega project was launched to the Korean market at this week’s forum. Of this 51 sq km is set to be completed in Q4 of 2012 and represents an investment of USD7.2 billion.
The UAE and South Korea have always shared strong trade ties with each other, with 2010 seeing the trade volume amounting to around $2.7 billion. The UAE has been ranked as the second largest provider of oil to South Korea, but is seeking to diversify its economy through foreign direct Investment from one of the strongest Asian Tiger economies.
Mr. Salmeen continued: “This is the first visit for Kizad to South Korea and we are confident that Kizad through its distinctive business opportunities, will play a strategic role in strengthening and solidifying a mutually beneficial economic partnership between Abu Dhabi and South Korea.”
Kizad is to play a vital role in Abu Dhabi’s economy and is expected to contribute around 15% of non-oil GDP by the year 2030, through large-scale primary and downstream manufacturing facilities that are set to serve eight different industry clusters. It is anticipated that between 60% and 80% of the goods manufactured within the industrial zone will be exported.
Kizad’s strategy is to attract world-class companies and to establish international industry best practices throughout the Zones. Global and local companies alike will find in Kizad the business efficiencies, market access low operating cost environment and support essential for long term competitive advantage. Kizad will set new standards for industrial zone infrastructure, environment and operation, reinforcing Abu Dhabi’s global competitive advantage.