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UAE Freezones Biz News Updates
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Korean delegation visits DAFZA to strengthen ties and explore investment
opportunities
Dubai Airport Free zone Authority (DAFZA) welcomed a visiting high-level
official trade delegation from the Republic of South Korea led by His
Excellency (HE) Hyun-Soo Kim, Consul General of South Korea.
The group, composed of 16 senior diplomatic representatives and CEOs from
major Korean companies, looked towards learning more about DAFZA–its
strategic role, experiences and the services that it provides to the
international investment community, especially for the Korean business
community.
The delegation was met by Nasser Al Madani, Assistant Director General,
DAFZA, who briefed them about DAFZA’s latest offerings, services and
incentives—key factors that have helped position the free zone as a highly
preferred investment destination for foreign investors. These services
include specialised facilities such as warehouses, light industrial units,
advanced infrastructure, easy visa and licencing processing and incentives
dedicated to businesses, including small and medium-sized enterprises (SMEs)
to facilitate the set-up of their businesses in the UAE.
During the meeting, Al Madani expressed DAFZA's continuing commitment to
play a pivotal role in the move to enhance cooperative ties between the
Republic of South Korea and the UAE, particularly across reinforcing
investment and trade relations. He pointed out that the strong ties between
the two countries are reflected in the UAE being South Korea's largest
trading partner from the Middle East and North Africa (MENA) region. In
fact, recent industry reports have shown that the country's exports to Korea
reached USD 8.6 billion in 2015, while exports from South Korea to the UAE
reached USD 6.08 billion. The positive outlook placed in the economic
cooperation of South Korea and UAE is also backed by the total foreign trade
activity of USD 4.7 billion recorded during the first half of 2016 including
free zones.
“DAFZA offers attractive incentives, privileges and key facilities that have
helped in making it a highly preferred investment destination for foreign
direct investment (FDI). These drivers have facilitated in attracting Korean
companies hailing from various sectors who have chosen Dubai as their
regional base to enter the GCC, Middle East and Asian markets. The DAFZA
Industrial Park, a new industrial zone, has been designed according to the
highest standards to attract and serve vital industries wanting to set up in
Dubai. These potential investors will gain key benefits from the advantages
that we offer, which include knowledge and innovation-based services, as
well as advanced infrastructure, strategic location, security, and the dual
licences to enable investors to operate across Dubai,” said Al Madani.
Meanwhile, Amna Lootah, Assistant Director General - Finance, Commercial and
Customer Relations Division Foster of DAFZA Innovation & Future Unit, added
that since its inception, DAFZA has successfully driven strong investment
relationships; become a strategic incubator for more than 20 active economic
segments; and has strategically positioned itself as a hub for leading
international companies present in the region–including top South Korean
companies.
She added that key value is placed in the presence of Korean companies in
DAFZA, which has significantly contributed to driving in growth to the
economy and complements the vision of the UAE's wise leadership. Amna also
commended the strong bilateral relations that the UAE enjoys with South
Korea.
“These relations are witnessing great progress in various fields to build
strategic partnerships in different economic and investment
sectors--including vital fields such as oil & renewable energy,
construction, environment, transportation, telecommunications, information
technology and others. In line with its national role and position as a
leading supporter of national policies and trends, DAFZA remains steadfast
in its commitment to enhance cooperation and explore investment
opportunities with South Korea by providing support to Korean companies and
investors wishing to establish businesses in the UAE and the region,” said
Lootah.
Lootah also briefed the delegation on DAFZA's key achievements and the
unique range of services offered to its customers. She added that DAFZA is a
free zone that exceeds expectations in terms of the advanced infrastructure
and the high quality services available for all investors, including
Customer Relationship Management (CRM), a comprehensive, integrated and
interactive system to manage customers’ pre- and post- processes. Another
achievement is the all-new ‘Synapse’ which has been designed to manage
digital blockchain transactions.
“This innovative project digitally connects DAFZA’s ecosystem to provide
customers with Single Window service for all transactions with government
agencies. DAFZA is a pioneering free zone with a portfolio of advanced
offerings. It has invested a lot of effort into maintaining its position as
the number one free zone and promoting its leading role in attracting
foreign investments in line with a vision to make Dubai the smartest city in
the world in terms of doing business and ease in transactions based on the
latest technologies. This vision falls in line with the directives of H.H.
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of
the UAE and Ruler of Dubai, to make Dubai the world's smartest and happiest
city,” she added.
After the briefings given by the two officials, the South Korean delegation
was later given a tour to DAFZA's 'Smart Office,' which has been designed
and developed to meet the demands and requirements of today's fast changing
markets. The new initiative aims to serve as a highly interactive platform
for multinational companies to further explore potential investment and
growth opportunities offered by the region. The 'Smart Office' initiative
has received strong response from investors, which has led to a 21 per cent
increase in operations. The delegation also visited DAFZA Square and its
facilities, which provides a new quality experience for investors present in
the free zone.
DAFZA is a regional hub for leading Korean companies including KOLON GLOBAL,
Halla Holdings, MOORIM, LEADERS, ATLASBX and SB, to name a few.
October 22, 2017
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Courtesy CPI Financial
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