Dubai: Dubai Chambers has inked a Memorandum of Understanding (MoU) with the Korea Federation of SMEs (KBIZ) to strengthen ties between the business communities in Dubai and South Korea and promote collaborations between enterprises in both regions.
The agreement, which was signed during the BAEKDU Forum in Dubai, will support the exchange of knowledge and foster opportunities for bilateral cooperation in areas including business and investment policies.
The MoU will also promote collaboration in organizing conferences, trade missions, delegation visits, and participation in exhibitions to further develop the relationship between the business communities in South Korea and Dubai.
Mr. Faisal Juma Khalfan Belhoul, Vice Chairman of Dubai Chambers, stated that, “We consider South Korea to be an important partner and a market of strategic importance to Dubai. A huge potential exists to further enhance bilateral trade and investment in key sectors such as energy, advanced manufacturing, technology, food security, and healthcare. Dubai Chambers is committed to expanding mutual trade ties with South Korea and stands ready to support Korean businesses seeking to enter the Dubai market and leverage the emirate as a launchpad for their global expansion.”
Hosted at Dubai Chambers’ headquarters, the BAEKDU Forum shed light on the business and investment environment in Dubai and the UAE. Attendees were briefed on UAE market entry strategies and learned more about the success stories of South Korean companies in the UAE.
The forum also highlighted South Korea’s smart-farming and healthcare sectors, with a focus on areas including agricultural machinery, pharmaceuticals, and medical devices.
The BAEKDU Forum is aligned with the chambers’ strategic priority of attracting international companies and investments to the emirate. Dubai Chambers is committed to supporting the objectives of the Dubai Economic Agenda (D33), which aims to double the size of the emirate’s economy over the coming decade and consolidate Dubai’s position among the top three cities around the world.