Dubai, United Arab Emirates - 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.

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About Jebel Ali Free Zone (Jafza)

Jebel Ali Free Zone (Jafza) is one of the world’s leading free trade zones.  A DP World-owned company, the free zone was created in 1985 to promote trade and support container throughput at the Jebel Ali Port. Today it is one of the largest free zones globally and the region’s most efficient logistics hub.  Located in Dubai, United Arab Emirates, between the world’s most productive container terminal, Jebel Ali Port, and Al Maktoum International Airport, Jafza provides the best in multi-modal connectivity.

Jafza accounts for almost 32% of total FDI (Foreign Direct Investment) flow ‎into the country. ‎The free zone contributes 21% of Dubai’s GDP on a yearly basis and it sustains the employment of more than 135,000 people in the United Arab Emirates.  In 2016, Jafza generated trade worth USD 80.2 billion.

As the leading business hub between Asia, Europe and Africa, the fastest growing producing and consumer markets globally, with over 30 years’ experience, Jafza focuses on long-term customer relationships.  Jafza builds alliances with global investors by providing them with world-class infrastructure and support, plus quality-driven value-added services and incentives. Jafza enables its customers to access huge business opportunities in the region with ease and efficiency.

For Jafza media queries please contact:

Bassam Rjoob

Corporate Editor

M: +971-50-9915444.

Follow Jafza on: http://www.jafza.ae

© Press Release 2018