The Dubai Multi Commodities Centre (DMCC), the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise, has announced membership growth in companies from the Republic of Korea of over 20 percent in the year to date.
The announcement came following a successful visit to the capital, Seoul, as part of DMCC’s Made for Trade Live global trade roadshow where it highlighted the advantages of doing business in Dubai. The DMCC also held high-level meetings with tech giants Kakao and Naver to explore mutual collaboration.
The development came after DMCC intensified its focus in the Republic of Korea for 2023, with dedicated roadshows to Seoul and Gyeonggi and strategic partnerships with key regional players, including the Korea Blockchain Industry Promotion Association (KBIPA) and Seongnam City, to advance the global Web3 industry. A further high-level agreement was announced in February 2024 between DMCC and the Korea Institute of Startup and Entrepreneurship Development (KISED) to drive global start-up growth.
The latest visit to Seoul sought to build new trade and business ties following the significant expansion of diplomatic and economic relations between the UAE and the Republic of Korea in recent years. In late 2023, a historic Korea-Gulf Cooperation Council Free Trade Agreement was signed. In the same year, the UAE and the Republic of Korea formalised a Comprehensive Economic Partnership Agreement (CEPA). Once the CEPA comes into force, it is estimated that it will eliminate 90 percent of tariffs between the two countries, creating a vibrant new trade corridor.
In addition, DMCC views the Republic of Korea as a strategic market given the nation’s advanced technology industry and the fact that, with 94 members from the Republic of Korea, the Centre is home to approximately half of the estimated Korean business presence in the UAE.
A total of 130 Korean business executives were briefed on the Dubai opportunity. Dubai's ease of doing business and streamlined access to some of the world’s fastest-growing markets present a substantial opportunity for Korean companies to expand through Dubai and DMCC.
Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, said,
“At almost 100 members from the Republic of Korea today, DMCC represents roughly half the South Korean business presence in the UAE. This is reflective of our strategic focus to grow our business connections across the South Korean market and further trade and investment. As the Republic of Korea and the UAE build ever closer ties, we know that through our premium infrastructure, industry partnerships, and ecosystems, we can play an integral role in attracting the next wave of South Korean companies to Dubai across Web3, crypto, gaming energy, and more.”
DMCC’s Made for Trade Live roadshows play a pivotal role in spotlighting Dubai as a premier business destination. Throughout the series, DMCC emphasises Dubai’s distinctive value proposition in attracting foreign direct investment (FDI) to the emirate. Notably, DMCC contributes 11 percent to Dubai’s annual FDI inflows, and in 2023, the free zone achieved its second-best year on record, welcoming nearly 2,700 new companies to the district. DMCC is home to over 24,000 businesses from around the globe.
News Source: Emirates News Agency
