DAFZA supports bilateral relations between South Korea and UAE
Dubai Airport Freezone Authority (DAFZA) plans to host a seminar in South Korea on 29th of April to support the UAE’s bilateral ties with the far eastern nation.
Taking place in Seoul, the seminar will discuss the benefits of investing in Dubai. Ahmad Al Mulla, Senior Manager of Sales department at DAFZA, said, “At DAFZA, we consistently work to facilitate international trade by attracting investors from key primary markets. As one of our priority markets, we work closely with the Korean Trade-Investment Promotion Agency (KOTRA) to supplement mutual investment between the UAE and South Korea.”
He added, “The Freezone’s seminar in South Korea will work to strengthen the existing relationship that exists between the South Korea and the UAE. DAFZA is the ideal choice for businesses expecting integrated solutions through a service-centric platform, catering to the needs of its tenants through hassle-free solutions.”
7% of Far Eastern companies based in the Freezone are headquartered from South Korea. Well-known brands, including Sangsin, KNOC and Dongbu Metal, are currently based in DAFZA, which is conveniently located next to Dubai International Airport. Additional to its prime location and attractive investment opportunities, international investors reap the benefits of dynamic growth through DAFZA’s tax exemption and foreign ownership policies.
Recently, trade between the UAE and South Korea has been estimated to have hit $25bn (Dhs91.8bn) in 2013 alone. In addition, the scale of mutual investment between South Korea and the UAE is estimated at $4bn (Dhs14.6bn), and more than 300 South Korean firms are currently operating in the Emirates.
South Korea shares strong bilateral relations with the UAE, where trade and investments have always been significant. In the last three years, the number of Koreans living in the UAE has nearly doubled from 6,000 in 2010 to over 10,000 in 2013. South Korean firms and investors have been pioneers in leveraging Dubai’s advantages as a regional hub.
The UAE is South Korea’s largest export market in the Middle East, and currently the second largest Middle Eastern market for South Korean investments. The volume of mutual investments between the two countries was estimated to reach US$ 3.24 billion last year.
Trade between both nations posted a record figure of $25bn (Dhs91bn) in 2008. In 2012, goods worth $22bn were traded between the two nations. The UAE-South Korea trade through the free zones areas accounted for $2.2bn of the country’s overall trade in 2012, with promising opportunity for further growth.
For further information:
Ketchum Raad Middle East
+971 50 928 4398
Ketchum Raad Middle East
+971 55 235 2859