The Dubai Multi Commodities Center (DMCC) has inked a Memorandum of Understanding (MoU) with the Seoul Business Agency (SBA) to promote bilateral innovation, entrepreneurship, trade, and business ties in the region.
The strategic partnership between DMCC and SBA outlines multiple measures to boost support and assistance to startups and entrepreneurs. This includes facilitating the exchange of knowledge, expertise and resources. Moreover, the partnership will boost the expansion of South Korean startups in the UAE market through special acceleration programs run by AGCC, in partnership with DMCC.
South Korea gains presence in UAE
DMCC hosts almost half of South Korea’s businesses in the UAE with almost 100 South Korean companies. With acceleration programs and knowledge exchange, DMCC and SBA will support startups and entrepreneurs seeking to launch in Dubai. “This adds to a growing list of agreements made in recent years between DMCC and South Korean business entities as we aim to deepen the vibrant trade corridor between our two regions,” stated Ahmed Bin Sulayem, executive chairman and CEO, DMCC.
Notably, SBA serves as the Seoul Metropolitan Government’s economic promotion agency. It aims to foster economic growth in Seoul and provide crucial support to SMEs, from incubating global startups to enhancing technological competitiveness.
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Expanding cooperation
The agreement between DMCC and SBA reflects the rapidly expanding relations between the DMCC and South Korea. Moreover, it highlights South Korea’s significance as a key player in the Web3 sector. In the last few years, DMCC has intensified its outreach to South Korea. The center hosted three roadshows in Seoul, Gyeonggi and Busan. In light of these efforts, DMCC has witnessed a significant increase of over 20 percent in the number of South Korean businesses setting up within the district. This surge also comes amidst the historic South Korea-GCC free-trade agreement that the parties signed in late 2023.
“As the interest in Seoul’s innovative companies entering the GCC region and expanding their business grows day by day, I am confident that DMCC will serve as an excellent bridgehead between Seoul and Dubai,” commented Hyunwoo Kim, CEO of SBA.
Notably, DMCC won the title of the best free economic zone for nine consecutive years. The center continues to facilitate an environment that supports innovation and entrepreneurship. Moreover, it offers companies business solutions and support programs to enable their expansion in Dubai and globally.
