MoU on cooperation in the small business sector
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, JAFZA and Lee Sang-Jik, President, SBC, leader of the visiting delegation.
Trade between the two countries reached was US$ 5.435bn (AED 19.963bn) in 2016. JAFZA accounted for 47.48% or US$ 2.581bn (AED 9.48bn) of the trade volume. Around 60 major South Korean companies have regional offices in the free zone including Fortune 500 firms including Samsung, Hyundai and LG.
