Korean delegation visits DAFZA

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.

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 said: “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.”

Amna Lootah, Assistant Director General - Finance, Commercial and Customer Relations Division Foster of DAFZA Innovation & Future Unit, added: “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.