The UAE and Korea are set to significantly deepen their economic partnership following the signing of the Comprehensive Economic Partnership Agreement. 

 

Bilateral trade between the two nations reached $21 billion in 2023, making the UAE the second-largest trade partner for South Korea.

 

Jafza is home to a thriving South Korean business community, including prominent corporations from electronics giants Samsung and LG to major players in the automotive sector like KIA and Hyundai. To encourage more South Korean businesses in establishing operations in Dubai, DP World recently organised a roadshow in Seoul.

 

More opportunities

Abdulla Al Hashmi, Chief Operating Officer of Parks & Zones, said: “The UAE and South Korea have forged strong economic relations over the past four decades, and our CEPA agreement has now unlocked even more opportunities by further simplifying cross-border trade.

 

“We are proud that Jafza has become a major hub for South Korean businesses in the region, with close to 60 South Korean companies now operating out of our free zone, including seven on the Global Fortune 500 list. In fact, more than 45% of Dubai’s trade with South Korea now passes through Jafza, making it a vital conduit in our dynamic economic relationship.

 

“At Jafza, we have seen first-hand the positive impact of our CEPA with India and we are equally excited about the potential of the free trade agreements that the UAE is establishing with countries like South Korea. The agreement will eliminate tariffs on more than 90% of goods and services between our countries while enhancing cooperation in key sectors like healthcare, energy, smart agriculture and the bioeconomy.”

 

This represents a huge opportunity to enhance bilateral trade, investment and technological exchange, and Jafza stands ready to facilitate this growth by providing a world-class business environment and supporting the expansion of Korean companies in the region, he said.--TradeArabia News Service