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.
Jebel Ali Free Zone
We are the leading Free Zone of the region that lies at the centre of trade and is part of a unique ecosystem that offers end to end solutions and growth opportunities to businesses that operate locally and globally.
With all the right resources in one place, Jafza has the foundation for you to tap into fresh opportunities with suppliers, trade partners and logistics providers to reduce your costs and increase your profits.
Ground Floor, Jafza Building No. 15,
Jebel Ali Free Zone
United Arab Emirates
Buy credits to publish your articles on Al Bawaba Biz here