Dubai – Mubasher: Bilateral trade between the UAE and South Korea registered AED 19.963 billion ($5.435 billion) in 2016, about 47.48% of which – or AED 9.48 billion ($2.581 billion) – was conducted through Jebel Ali Free Zone (Jafza).
Jafza has signed a memorandum of understanding (MoU) with South Korea’s Small & Medium Business Corporation (SBC) to support investment opportunities and industrial cooperation for small businesses, according to an official statement released on Tuesday.
Under the MoU, both entities will boost small and medium-sized enterprises’ (SMEs) development programmes, along with strengthening UAE’s ties with South Korea.
“The signing of this MoU marks the next step in the evolution of trade ties between the UAE and the Republic of Korea, as well as Jafza’s own plans to encourage trading businesses to establish their operations here,” DP World Group chairman and CEO Sultan Ahmed Bin Sulayem said.
Dubai-based Jafza, an attractive hub for 58 major South Korean companies, will also help investors identify potential business partners and nurture technology transfer, joint ventures, and strategic alliances.
“Jafza has already established itself as a preferred regional destination for large Korean companies and we want to build on this by encouraging the growth and development of SMEs,” Bin Sulayem commented.
SBC is a non-profit Korean government agency operates in13 countries and assist SMEs to enter into global markets.
