Jafza, South Korea company explore business opportunities

Dubai: Jebel Ali Free Zone (Jafza) is partnering with the Small & Medium Business Corporation (SBC) of South Korea to support SME business development programmes and to foster closer trade relationships 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 bases in the UAE.

The agreement will also see Jafza’s role extending beyond free zone facilities to help investors identify potential business partners, nurture technology transfers, joint ventures and strategic alliances.

Trade between the two countries reached $5.44 billion (Dh19.96 billion) in 2016. Out of that, Jafza accounted for 47.48 per cent or $2.58 billion.

The agreement was signed by Mohammad Al Muallem CEO and managing director of DP World UAE Region and CEO of Jebel Ali Free Zone, and Lee Sang-jik, president of SBC, Jafza said in a statement on Tuesday.

“The signing of the 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,” stated Sultan Ahmad Bin Sulayem, Group Chairman and chief executive officer of DP World.

“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.”