Dubai Airport Freezone Authority (DAFZA) has signed a Memorandum of Understanding aimed at boosting trade and investment through collaboration with South Korea’s Daegu Gyeongbuk Free Economic Zone Authority (DGFEZA).

Under the agreement, both authorities will promote mutually beneficial investments and share information on markets and trade.

information technology, innovation, cross-border e-commerce, shipping and logistics will be a major focus of the partnership, DAFZA said in a statement on Wednesday.

DGFEZA will encourage South Korean investors to set up businesses within DAFZA, already home to several Korean companies, including KOLON GLOBAL, Halla Holdings, while DAFZA will increase incentives to firms DGFEZA refers and encourage Dubai investors to invest in joint Korea-Dubai ventures.

Mohammad Al Zarooni, Director General of DAFZA, said, “The UAE and South Korea have strong economic and social ties and we believe this partnership will help strengthen the bonds that unite our two nations. This strategic agreement will create new trade and investment opportunities and allow us to showcase our world-class infrastructure and services.”

He added, “We will support South Korean companies interested in Dubai to set up operations and advise them on market conditions and opportunities. Ultimately this will support Dubai’s long-term vision of creating sustainable economic development, a diversified and balanced economy as well as increased foreign investment from key international markets.”