To me, both are very important. Teaching requires hard work and painstaking effort from the part of the faculty. Quality teaching is possible only if it is supported by research recommendations. So, both are important.
I would say it depends on the focus of your University and Department. For students to learn then it is necessary for experts in the field to be able to teach in a way students can learn rather than dictating knowledge. This is an art that has to be learnt. However, we also need research to advance the field of study and therefore faculty need to be able to research in their field and to supervise students to undertake research. Therefore, skills in both are desirable.