UAE News Today : Politics

Dubai Chambers and Korean Federation of SMEs forge strategic alliance

Dubai Chambers has signed a Memorandum of Understanding (MoU) with the Korean SME Federation (KBIZ) to strengthen relationships between the business communities of Dubai and South Korea and foster partnerships between companies from both markets.

The agreement, which was signed during BAEKDU Forum in Dubai, will support knowledge sharing and foster opportunities for bilateral cooperation in areas including trade and investment policies. The MoU will also promote collaboration in organizing conferences, trade missions, delegation visits and participation in exhibitions to further develop the relationship between the business communities of South Korea and Dubai.

His Excellency Faisal Juma Khalfan Belhoul, Vice President of Dubai Chamberscommented:

“We consider South Korea to be an important partner and a strategically important market for Dubai. There is enormous potential 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 business ties with South Korea and stands ready to support Korean companies seeking to enter the Dubai market and leverage the emirate as a launchpad for their global expansion.”

His Excellency Kim Ki-Mun, President of the Korean SME Federation (KBIZ), stated:

“The Korean Federation of SMEs is a leading economic institution representing 7.71 million Korean SMEs. In light of the growing positive relations between Korea and the UAE, we are delighted to organize the BAEKDU Forum as a global platform for Korean SMEs in collaboration with Dubai Chambers. “We look forward to further strengthening cooperation between the business communities of Korea and the UAE to create various business opportunities.”

The UAE is South Korea’s second largest trading partner in the GCC and the broader Arab region. Bilateral non-oil 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 are 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 whom joined during the 10-month period between January and October. This represents a year-on-year increase of more than 42%, underscoring the growing interest in Dubai among the South Korean business community.

Hosted in Dubai Chambers‘ headquarters, the BAEKDU Forum shed light on the business and investment environment in Dubai and the United Arab Emirates. 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 agriculture and healthcare sectors, focusing on areas including agricultural machinery, pharmaceuticals and medical devices.

He BAEKDU Forum is aligned with the chambers’ strategic priority of attracting international businesses 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 next decade and consolidate Dubai’s position among the world’s top three cities.

News source: Dubai Press Office

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