A senior official from South Korea recently visited the UAE’s Jebel Ali Free Zone (Jafza), the flagship free zone of Dubai, to develop bilateral relations and contribute towards increasing the volume of trade between the two countries.

Ibrahim Mohamed Al Janahi, deputy CEO and chief commercial officer received Heo Nam Duk, the Consul General of Korea to the UAE, at the Jafza Headquarters, said a statement from the free zone.

Speaking of the occasion, Sultan Ahmed bin Sulayem, chairman of DP World and chairman of Ports, Customs and Free Zone Corporation, said: “We have seen a 21 per cent growth in trade between Jafza and Korea reaching $3.3 billion in 2014 as against $2.7 billion in the previous year. Korea ranks ninth in terms of trade in Jafza.”

“We intend to double the volume of trade with Korea over the next five years and invite more multinational Korean companies from all sectors to provide services to the local and regional markets,” he said.

“Korean companies have always led large-scale projects and they will have a significant share of these projects that will be implemented in the coming years,” he added.

Bin Sulayem continued: “Jafza has become a milestone in the economic development of Dubai. Korean products have gained a reputation in consumer confidence due to efficiency and quality. The companies looking to extend and strengthen their market presence in the Middle East and Africa should benefit from setting up at Jafza.”

Korean companies have had a very cordial relation with Jafza and that is the reason over 57 Korean companies, including a number of prominent companies such as electronics giants Samsung, LG, Hyundai, Humax, Industrial systems, and Korea Express have their base in Jafza, further added the statement.

Al Janahi said: “The volume of trade has doubled in terms of weight by more than twice in the past decade, rising from 194,161 kg in 2004 to 504,677 kg in 2014. The list includes the most important goods like equipment, electronics, automotive, aircraft and transport equipment, foodstuffs, construction materials, plastic and rubber products, chemicals and related industries.”

“Owing to Korea’s extensive experience in the field of small and medium-sized companies, we have started the incubation centre run by the Ministry of Development of Small and Medium Enterprises and Korea trade-investment promotion agency,” he said.

Al Janahi will also lead a delegation from Jafza on a roadshow in Seoul during September to meet investors and promote business opportunities for companies from all sectors, said the statement.

A special focus is on attracting more Korean companies in technological and industrial sectors due to the government policies aims to diversify sources of income, it said.

Nam Duk commended the achievements made by the free zone and its active contribution over the past years in the diversification of Dubai and the UAE economy, it added. – TradeArabia News Service