Dubai Chamber of Commerce & Industry yesterday (Sunday) signed a Memorandum of Understanding (MoU) with Korea Federation of Small & Medium Business (Kbiz) to boost bilateral economic and trade relations and establish economic partnerships between the business communities in both countries.
The MoU was signed by HE Abdul Rahman Saif Al Ghurair, 1st Vice-Chairman of Dubai Chamber, and HE Ki-Mun Kim, Chairman of (Kbiz). The MoU signing ceremony was attended by HE Engineer Hamad Buamim, Director General of Dubai Chamber, Nuha Safar, Director of Marketing and Communication, and Dr. Belaid Rettab, Director of Data Management and Business Research Department.
The agreement stressed the need for activating and enhancing economic cooperation and commercial promotion between Dubai Chamber and Kbiz and opening new channels of contact between the businessmen from both sides with the aim to generate effective economic partnerships. The MoU also aimed at exchanging information about trade and customs legislations in both countries, participating in trade fairs and economic conferences, encouraging visits of trade delegations and missions, enhancing trade volumes, setting up joint ventures, as well as introducing and benefiting from the investment opportunities available in both countries and in different economic sectors.
Al Ghurair highlighted the importance of signing the MoU which comes as one of the positive results of the official visit of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to South Korea last May.
“Many countries show great interest in Small & Medium-sized Enterprises (SMEs), being the most effective driver of economy at several emerging and developing countries of the world. Dubai realized this fact and set strategic plans to boost SMEs through many contributions, initiatives and services that are still being offered by Dubai Chamber to maintain the growth of such institutions.”
He pointed out that Dubai Chamber undertook the responsibility of supporting SMEs through issuing Certificates of Origin to exporters, and in providing services to its Business Groups and Councils that represent different economic sectors. It became part of the Chamber’s objectives to promote the activities and products of the Dubai-based SMEs and offer them opportunities to meet potential trade partners from all over the world, as well as to provide them with necessary information on international e-commerce through Dubai Trade Point which was launched by the Chamber last year.
Dubai’s total foreign non-oil trade with South Korea reached AED 13.3 billion in 2006. Dubai’s trade represents 90% of the whole UAE trade with South Korea as the UAE’s major imports from Korean include machinery, vehicles and equipment. There are more than 122 Korean companies operating in Dubai and registered at Dubai Chamber, 37 of which are fully-owned by Korean businessmen.
HE Ki-Mun Kim, Chairman of Kbiz, stressed the importance of the MoU signed with Dubai Chamber due to its anticipated contribution to the development of the bilateral trade ties between the business communities in both countries. He highlighted the significant strategic location of Dubai as one of the international business hubs in the region.
“Signing the MoU would help enhance bilateral relations between Dubai Chamber and Kbiz which was established in 1962 as an advocate for small and medium-sized companies to protect their interests which highly contribute to the economic development of Korea. Kbiz also works according to Vision 2010 to help create a prosperous environment for business and investment in such kind of enterprises, as well as to enhance their global competitiveness through adopting technology and management strategies,” said Kim.
