Jafza seeks to expand its USD2.2bn in trade with South Korea

Dubai: Jebel Al Free Zone (Jafza), the flagship entity of Economic Zones World (EZW), recently concluded a comprehensive road show to South Korea with the aim of boosting the bilateral trade between Jafza and South Korea.

The road show, which covered the cities of Seoul, Busan and Gwangju, is part of Jafza’s continued strategic initiatives to attract Foreign Direct Investment (FDI) for Jafza, Dubai and the UAE economy from the Far East region.

A senior delegation from Jafza, headed by Talal Al Hashimi, Managing Director, Economic Zones World UAE-Region and included Adil Al Zarooni, Senior Vice President – Global Sales and Khalid Al Marzooqi, Regional Sales Manager, met with leading Korean companies, held several seminars and conducted discussions with key trade partners.

The road show’s seminar in Busan was attended by over 30 Korean companies with a strong interest in expanding into the Middle East market.

Speaking at the seminar, Talal Al Hashimi said, “South Korea is an expanding market that is currently developing increasingly strong trade connections with the Middle East and in 2011 the amount of export from Korea to the UAE saw an increase of over 49% on previous years”.

Al Hashimi added, “South Korea is the 7th largest contributor of trade through Jafza accounting for $2.2bn, and over 50 Korean companies have a Middle East base in the Free Zone, which includes companies such as Hyundai Engineering and Construction Co., Samsung Electronics, LG Electronics, Daewoo Electronics, Mobis Parts, Hankook Crane, Soosan Heavy Industries and Hyundai Steel Company among many others. It is important that we continue to encourage this growth of Foreign Direct Investment (FDI) from South Korea through seminars and road shows like this that establish new connections and reinforce existing relationships”.

The Director of Business Development of the Busan Government also delivered a short speech at the seminar, speaking about the opportunities for stronger trade relations between Dubai and South Korea.

During the road show Jafza cemented its commitment to strengthening its relationship with South Korea by signing a Memorandum of Understanding (MoU) with Gwangju Technopark agreeing to collaborate in promoting investment in their respective countries. Gwangju Technopark is a large economic zone that focuses on the industrial manufacturing sector which compliments Jafza’s scope of operation.

Commenting on the agreement, Adil Al Zarooni said, “Jafza and Gwangju Technopark share a common vision of increasing the FDI in our respective countries. This MoU will enable both parties to stimulate business and support both of our customers’ by providing a platform of shared knowledge regarding business in both the UAE and Korea”.

The Jafza delegation also spent time in Seoul meeting key government officials, such as the Director General for Emerging Economy Cooperation of the Ministry of Knowledge Economy (MKE) and the Government Authority Office, and industry leaders to strengthen existing ties and encourage new relationships.

Principle among these meetings was the discussion with Korea Trade Investment Promotion Agency (KOTRA) about KOTRA Dubai Business Incubation Centre. This is a project that began in August 2012 to establish a support centre for Korean business and trade in Jafza.

Leave a Reply