Dubai, Sharjah explore South Korean investment

Dubai Investment Development agency (Dubai FDI), an agency of the Department of Economic Development (DED), along with the Sharjah Investment & Development Authority (Shurooq) and the Dubai Multi Commodities Centre (DMCC), have conducted a business mission to South Korea to discuss opportunities in improving trade and investment exchanges between the UAE and South Korea.

Commenting on this initiative, Fahad Al Gergawi, CEO of Dubai FDI, said, "Relations between the UAE and South Korea have continued to flourish and expand to new areas since early seventies. Dubai particularly sees South Korean investment in the emirate as a fantastic opportunity to attract multi-sectoral expertise and innovations."

The seminar included presentations on the competitive support systems available to establish and grow a business in the UAE as well as the unique ease of doing business in the country.

Homin Kang, Vice President International Affairs Division and Secretary-General of the Chamber, delivered the keynote while Sunhee Han, Director General Trade Policy Support Department at the Korea Trade Investment Promotion Agency (KOTRA), gave a presentation on the GCC market.

More than 120 people, including representatives of leading businesses in South Korea, were briefed on the opportunities available across various sectors in the UAE to advance industrial and service innovations at a seminar hosted by the UAE delegation at the Korea International Chamber of Commerce and Industry in the capital city Seoul. The seminar was organised in partnership with MABS Consulting, partners of Dubai FDI in South Korea.

Businesses interested in moving to Dubai were invited for one-on-one sessions. Earlier this year, Dubai Holding announced the launch of SmartCity Korea, extending its expertise in developing innovative technology clusters to the Far East. The project will be spread over an area of 51 million square-foot and will be strategically located between Seoul and Incheon, close to two international airports.

"Dubai being a gateway and South Korea as an Asian success story can together develop new channels for expanding global trade and investment to the high-growth sectors and regions in the world today," added Al Gergawi.

"From heavy engineering, energy and infrastructure development to home appliances and mobile phones, South Korean innovations are familiar among industry sectors as well as households in the UAE and the region," said Ibrahim Ahli, Ahli, Director of Investment Support at Dubai FDI.

"The focus of our visit was on inviting South Korean investors to build on our growing relations and leverage Dubai, and the UAE in general as a hub and gateway to develop their expertise and export it to broader regional markets," added Ahli.

Last year, the Investment Corporation of Dubai (ICD) signed landmark agreement with the Korea Investment Corporation (KIC) sovereign wealth fund of South Korea to co-operate on financial opportunities around the world. The deal is billed as the first of its kind, joining forces to pursue global investment opportunities rather than working together on individual projects.