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South Korea aspires to increase number of companies in JAFZA

United Arab Emirates: Monday, October 02 - 2006 @ 14:55

Soomoon Kim, Senior Advisor to the Mayor of Incheon Metropolitan Government, made the remarks during a meeting with the CEO of Jafza, Salma Hareb.

It was the second high-level delegation from the city of Incheon –to visit Jafza in a month.

Mr Kim, who led a delegation from the Incheon Free Economic Zone Authority (IFEZA) last month, said:

“This visit is an important step towards fostering and enhancing cooperation between the UAE and Korea.

“Both public and private sector organisations in Korea deeply admire the great advances made by Dubai to promote business and industry. In particular, Jafza’s management practices encourage investments both regionally and globally.

“I expect to see more and more Korean companies establishing businesses here in Jebel Ali Free Zone to take advantage of the incentives and infrastructure facilities that are offered by Jafza.”

At present there are some 30 Korean companies in JAFZA, including some global brands like Samsung, LG, and Hyundai.

Jafza’s CEO, Salma Hareb, welcomed the Korean investment plans and said: “Jafza owes its growth to a policy of constant innovation, especially regarding the incentives and facilities we offer to investors. We change and adapt to keep pace with the rapid changes within the global logistics industry over the past five years.

“Our current infrastructure expansion plan was necessitated by a desire to keep up with accelerating world demand to invest in the Jebel Ali Free Zone.”

An eight-member Korean delegation, led by Mr Kim, had visited Jafza in mid-September for talks on potential cooperation in developing the Incheon Free Zone – a massive US$ 15-Billion project in the northwestern city of Incheon, the Korean port nearest to the capital Seoul.

The proposed free zone and port complex will cover some 200 sq Km of land and is expected to be fully completed by 2020.

The two sides also discussed Jafza’s US$ 2 Billion expansion plans, which are designed to turn the Middle East’s premier free zone into the largest custom-bounded, multi-logistical model free zone in the world.

After the talks the Korean delegation toured the Jebel Ali Free Zone.

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Monday, October 2- 2006 @ 14:55 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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