Dubai: Dubai Chambers has inked a significant Memorandum of Understanding (MoU) with Invest Seoul, an investment promotion agency based in South Korea, aimed at enhancing investment and trade opportunities between the private sectors of Dubai and Seoul.
The agreement, signed at Dubai Chambers’ headquarters, underscores a shared commitment to fostering partnerships between the business communities of both cities. His Excellency Faisal Juma Khalfan Belhoul, Vice Chairman of Dubai Chambers, emphasized the strategic importance of the collaboration, stating, “Our cooperation with Invest Seoul will contribute to the development of diverse trade and investment prospects for the private sector in both markets.”
The MoU will facilitate the organization of trade missions, conferences, and business events dedicated to sharing expertise and knowledge, fostering growth and innovation. Mayor Oh Se-hoon of the Seoul Metropolitan Government hailed the agreement as a pivotal step towards strengthening economic ties between Dubai and South Korea.
The economic relations between Dubai and South Korea have flourished in recent years, with non-oil bilateral trade surpassing AED 16.5 billion in 2023. Additionally, 289 South Korean companies are registered as active members of Dubai Chamber of Commerce as of March 2024, underscoring the growing interest and participation of South Korean businesses in Dubai’s vibrant economy.
Vice Chairman Belhoul reiterated Dubai Chambers’ commitment to supporting South Korean companies in capitalizing on opportunities in Dubai, leveraging the emirate’s competitive advantages for global expansion. He emphasized Dubai’s position as a strategic hub for business growth in the region, with advanced logistics capabilities, a favorable business environment, and a culture of innovation.
In alignment with its efforts to strengthen economic ties with South Korea, Dubai Chambers previously signed an MoU with the Korea Federation of SMEs (KBIZ) to foster connections between the business communities of Dubai and South Korea, encouraging partnerships and collaboration.
Dubai Chambers remains dedicated to supporting its members’ global expansion plans in key strategic markets, attracting foreign investment, and enhancing Dubai’s reputation as a leading global business hub. These efforts align closely with the goals of the Dubai Economic Agenda (D33), aiming to double the emirate’s economy over the coming decade and solidify its position among the top three cities globally.
