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Jebel Ali Free Zone and South Korea's to explore business opportunities
Jebel Ali Free Zone (Jafza) is partnering with the Small &
Medium Business Corporation (SBC) of South Korea to support investment
opportunities and industrial cooperation for small businesses.
The two organisations have agreed to work together to support SME business
development programmes and to foster closer trade ties between the two
countries.
As part of a memorandum of Understanding (MoU), Jafza and SBC will exchange
information on investment between industries in both countries in an effort
to attract and assist more South Korean SMEs to set up in the UAE.
The MoU was signed by Mohammed Al Muallem CEO & MD of DP World UAE Region
CEO of Jebel Ali Free Zone, and Lee, Sang-Jik, President Small & Medium
Business Corporation.
As part of the agreement, Jafza’s role extends beyond free zone facilities
to helping investors identify potential business partners, nurture
technology transfer, joint ventures and strategic alliances.
Sultan Ahmed Bin Sulayem, Group Chairman and Chief Executive Officer, DP
World, said “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. As
a global trade enabler, we recognise the importance of our two countries in
the global supply chain and are keen to foster stronger, mutually beneficial
ties”
“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 small and medium businesses. We’re keen to provide
our support services for South Korean SMEs that are eyeing the Middle East
for business opportunities.”
Trade between the two countries reached was USD 5.435 billion (AED 19.963
billion) in 2016. Jafza accounted for 47.48% (USD 2.581 billion (AED 9.48
billion).
Jafza been an attractive hub for larger South Korean companies looking to
establish offices in the MENA region, especially in the automotive,
electronics and chemicals sectors. 58 major South Korean companies have
regional offices in the free zone including Fortune 500 firms such as
Samsung, Hyundai, and LG.
SBC is a non-profit Korean government agency that operates and manages funds
for the promotion and growth of SMEs, focussed on helping high potential
businesses and early-stage start-ups with technology but with little access
to the private financial backing. It also supports strategic industries that
lead to an increase in production and employment.
SBC's current portfolio includes 22 business incubators in 13 countries,
providing assistance to SMEs to enable their entry into global markets.
March 27, 2018 |
