ADX Receives Korean Financial Delegation And Signs MoU With Korean Counterpart

Monday, 14 January 2013

Aiming at expanding means of economic cooperation between the UAE and South Korea, Abu Dhabi Securities Exchange (ADX) received today a high level Korean financial delegation headed by H.E. Kim Jung-Hoon, Chairman of National Policy Committee, at the Korean National Assembly. Mr. Hung-Hoon was accompanied by officials from the Korean Financial Services Commission (FSC), Korean Financial Supervisory Service (FSS), Korea Financial Cooperation (KOFC), Korea Financial Investment Association (KFIA, and Korea Stock Exchange (KRX).
The high level delegation was received by Mr. Rashed Al Baloushi, Chief Executive of ADX and senior ADX staff. The meeting was also attended by the Korean ambassador to the UAE H.E. Kwon Tae-Kyun.
Al Baloushi welcomed the Korean officials and praised the efforts made by the leaders of both nations aimed at strengthening commercial and investment cooperation between the two countries, as well encouraging joint cooperation in technical, industrial and scientific fields.
On the sidelines of the visit, ADX inked a Memorandum of Understanding (MoU) with its Korean counterpart KRX. The Memorandum of Understanding (MoU) was signed at the ADX headquarters. Mr. Rashed Al Baloushi, CEO of ADX signed on behalf of Abu Dhabi Securities Exchange (ADX) and Mr. Jingyu Kim, President of Korea Stock Exchange (KRX) for the Korean market.
Under the terms of the MoU, ADX and KRX establish an agreement to facilitate the development of communication channels for the sharing of information between both exchanges. The MoU states that further cooperation will cover aspects such as structuring of listed products, corporate governance, exchange of staff, and research projects.
Mr. Rashed Al Baloushi, CEO of ADX, welcomed the signing of the MoU and described it as a basis for a fruitful cooperation with the KRX. A basis that will raise the level of efficiency of ADX services and contribute in supporting the economic growth in Abu Dhabi.

The Korean officials and ADX discussed the various possibilities of reinforcing means of economic and investment cooperation between the two countries. They also reviewed existing bilateral ties between the two friendly countries.
“We believe this cooperation will be the predecessor to bigger phases as the fields of cooperation can be expanded as long as both parties agree that the move will bring diverse benefits to exchanges, markets, and countries” said ADX CEO

ADX Chief Executive conclude by saying:”the UAE is witnessing a huge economic movement in the past decade encouraging attractive investment incentives assuring that the UAE and South Korea will always had good economic relations.” Al Baloushi praised such visits as they create a positive impact that will generate prospects for a higher level of cooperation between the two countries.
At the end of the meeting, the two parties exchanged commemorative shields.