Jafza, South Korean companies to explore business opportunities

DUBAI, 27th March, 2018 (WAM) -- Jebel Ali Free Zone, Jafza, has partnered with the Small and 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 and MD of DP World UAE Region and CEO of Jafza, and Lee, Sang-Jik, President of SBC . 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. Speaking on the announcement, Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, said, "The signing of this MoU marks the next step in the evolution of trade ties between the UAE and 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," he added. Trade between the two countries was AED19.963 billion, US$5.435 billion, in 2016. Jafza accounted for 47.48 percent AED9.48 billion, US$2.581 billion. SBC is a non-profit Korean government agency that operates and manages funds for the promotion and growth of SMEs, focused 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.