Dubai Chambers has signed a Memorandum of Understanding (MoU) with the Korea Federation of SMEs (KBIZ) to strengthen relations between the business communities in Dubai and South Korea and encourage partnerships between companies in both markets.
The agreement, which was signed during the BAEKDU Forum in Dubai, will support the exchange of knowledge and foster opportunities for bilateral cooperation in areas including business and investment policies. The MoU will also promote collaboration in organising conferences, trade missions, delegation visits, and participation in exhibitions to further develop the relationship between the business communities in South Korea and Dubai.
His Excellency Faisal Juma Khalfan Belhoul, Vice Chairman of Dubai Chambers, commented:
“We consider South Korea to be an important partner and a market of strategic importance to Dubai. A huge potential exists to further enhance bilateral trade and investment in key sectors such as energy, advanced manufacturing, technology, food security, and healthcare. Dubai Chambers is committed to expanding mutual trade ties with South Korea and stands ready to support Korean businesses seeking to enter the Dubai market and leverage the emirate as a launchpad for their global expansion.”
His Excellency Kim Ki-Mun, Chairman of the Korea Federation of SMEs (KBIZ), stated:
“The Korea Federation of SMEs is a leading economic institution that represents 7.71 million Korean SMEs. In light of the growing positive relations between Korea and the UAE, we are delighted to organise the BAEKDU Forum as a global platform for Korean SMEs in collaboration with Dubai Chambers. We look forward to further strengthening cooperation between the Korean and UAE business communities to create diverse business opportunities.”
The UAE is South Korea’s second-largest trading partner in the GCC and the wider Arab region. Non-oil bilateral trade between Dubai and South Korea reached a value of AED 16.9 billion in 2022, representing an annual growth of 17.9% compared to 2021. The UAE has emerged as a crucial economic partner for South Korea and is the largest export destination for South Korean SMEs in the Middle East.
As of the end of October 2023, a total of 258 Korean companies were registered as members of Dubai Chamber of Commerce, 64 of which joined during the 10-month period between January and October. This represents a year-over-year increase of more than 42%, underlining the growing interest in Dubai among the South Korean business community.
Hosted at Dubai Chambers’ headquarters, the BAEKDU Forum shed light on the business and investment environment in Dubai and the UAE. Attendees were briefed on UAE market entry strategies and learned more about the success stories of South Korean companies in the UAE. The forum also highlighted South Korea’s smart-farming and healthcare sectors, with a focus on areas including agricultural machinery, pharmaceuticals, and medical devices.
The BAEKDU Forum is aligned with the chambers’ strategic priority of attracting international companies and investments to the emirate. Dubai Chambers is committed to supporting the objectives of the Dubai Economic Agenda (D33), which aims to double the size of the emirate’s economy over the coming decade and consolidate Dubai’s position among the top three cities around the world.
News Source: Dubai Media Office
