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Korean delegation visits DAFZA to strengthen cooperative ties and explore potential investment opportunities

October 21, 2017
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Korean delegation visits DAFZA to strengthen cooperative ties and explore potential investment opportunities

Dubai Airport Freezone Authority (DAFZA) welcomed a visiting high-level official trade delegation from the Republic of South Korea led by His Excellency (H.E.) Hyun-Soo Kim, Consul General of South Korea. The group, which was composed of 16 senior diplomatic representatives and CEOs from major Korean companies, looked towards learning more about DAFZA–its strategic role, experiences and the services that it provides to the international investment community, especially for the Korean business community. The delegation was met by Nasser Al Madani, Assistant Director General, DAFZA, who briefed them about DAFZA’s latest offerings, services and incentives—key factors that has helped position the freezone as a highly preferred investment destination for foreign investors. These services include specialized facilities such as warehouses, light industrial units, advanced infrastructure, easy visa &licensing processing and incentives dedicated to businesses, including small and medium-sized enterprises (SMEs) to facilitate the set-up of their businesses in the UAE.

 

During the meeting, Al Madani expressed DAFZA’s continuing commitment to play a pivotal role in the move to enhance cooperative ties between the Republic of South Korea and the UAE, particularly across reinforcing investment and trade relations. He pointed out that the strong ties between the two countries are reflected in the UAE being South Korea’s largest trading partner from the Middle East and North Africa (MENA) region. In fact, recent industry reports have shown that the country’s exports to Korea reached USD 8.6 billion in 2015, while exports from South Korea to the UAE reached USD 6.08 billion. The positive outlook placed in the economic cooperation of South Korea and UAE is also backed by the total foreign trade activity of USD 4.7 billion recorded during the first half of 2016 including free zones.

 

Al Madani shared, “DAFZA offers attractive incentives, privileges and key facilities that have helped in making it a highly preferred investment destination for foreign direct investment (FDI). These drivers have facilitated in attracting Korean companies hailing from various sectors who have chosen Dubai as their regional base to enter the GCC, Middle East and Asian markets. The DAFZA Industrial Park, a new industrial zone, has been designed according to the highest standards to attract and serve vital industries wanting to set up in Dubai. These potential investors will gain key benefits from the advantages that we offer, which include knowledge and innovation-based services, as well as advanced infrastructure, strategic location, security, and the dual licenses to enable investors to operate across Dubai.”

 

Meanwhile, Amna Lootah, Assistant Director General – Finance, Commercial and Customer Relations Division Foster of DAFZA Innovation & Future Unit, said, “Since its inception, DAFZA has successfully driven strong investment relationships; become a strategic incubator for more than 20 active economic segments; and has strategically positioned itself as a hub for leading international companies present in the region–including top South Korean companies.”

 

She added that key value is placed in the presence of Korean companies in DAFZA, which has significantly contributed to driving in growth to the economy and complements the vision of the UAE’s wise leadership. Amna also commended the strong bilateral relations that the UAE enjoys with South Korea.

 

“These relations are witnessing great progress in various fields to build strategic partnerships in different economic and investment sectors–including vital fields such as oil & renewable energy, construction, environment, transportation, telecommunications, information technology and others. In line with its national role and position as a leading supporter of national policies and trends, DAFZA remains steadfast in its commitment to enhance cooperation and explore investment opportunities with South Korea by providing support to Korean companies and investors wishing to establish businesses in the UAE and the region,” said Lootah.

 

Lootah also briefed the delegation on DAFZA’s key achievements and the unique range of services offered to its customers. She stated, “Today, DAFZA is a freezone that exceeds expectations in terms of the advanced infrastructure and the high quality services available for all investors, including Customer Relationship Management (CRM), a comprehensive, integrated and interactive system to manage customers’ pre- and post- processes. Another achievement is the all-new ‘Synapse’ which has been designed to manage digital blockchain transactions. This innovative project digitally connects DAFZA’s ecosystem to provide customers with Single Window service for all transactions with government agencies. DAFZA is a pioneering freezone with a portfolio of advanced offerings. It has invested a lot of effort into maintaining its position as the number one freezone and promoting its leading role in attracting foreign investments in line with a vision to make Dubai the smartest city in the world in terms of doing business and ease in transactions based on the latest technologies. This vision falls in line with the directives of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to make Dubai the world’s smartest and happiest city.”

 

After the briefings given by the two officials, the South Korean delegation was later given a tour to DAFZA’s ‘Smart Office,’ which has been designed and developed to meet the demands and requirements of today’s fast changing markets. The new initiative aims to serve as a highly interactive platform for multinational companies to further explore potential investment and growth opportunities offered by the region. The ‘Smart Office’ initiative has received strong response from investors, which has led to a 21 per cent increase in operations. The delegation also visited DAFZA Square and its facilities, which provides a new quality experience for investors present in the freezone.

 

DAFZA is a regional hub for leading Korean companies including KOLON GLOBAL, Halla Holdings, MOORIM, LEADERS, ATLASBX and SB, to name a few.

 

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