JAFZA and South Korea 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. Trade between the two countries reached was USD 5.435 billion (AED 19.963 billion) in 2016. Jafza accounted for 47.48 per cent (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.
Photo Caption: 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 signing the MoU
