Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has announced the establishment of the Korean Business Council to strengthen economic relations and pave the way for mutually beneficial opportunities between private sector companies in Dubai and the Republic of Korea.
Korean Business Council’s objectives
The council’s inaugural annual general meeting saw participants identify key priorities and discuss plans for the months ahead, including its upcoming schedule of events. Through its activities, the Korean Business Council aims to further enhance economic cooperation between Dubai and Korea, with a focus on the most promising sectors for the business communities in both markets.
“Business councils are vital platforms that strengthen cooperation, create promising opportunities, and foster mutually beneficial partnerships. We remain committed to ensuring they contribute to the growth of the private sector and increase its contribution to sustainable economic development in Dubai,” stated Maha Al Gargawi, vice president of business advocacy at Dubai Chambers.
Significance of business councils
The country-specific business councils, including the Korean Business Council, operate under the umbrella of the Dubai Chamber of Commerce. They represent the interests of companies and investors from markets of strategic importance to Dubai. They play a vital role in opening new channels of economic cooperation with business communities around the world and advancing the interests of investors operating in the emirate from different countries.
As part of its ongoing drive to contribute to the objectives of the Dubai Economic Agenda (D33), the chamber is working to increase the number of country-specific business councils to help promote Dubai’s foreign trade and support the expansion of local companies into global markets.
Read: UAE President engages with world leaders on trade and development at BRICS Summit
UAE-South Korea ties
Before the launch of the Korean Business Council, both Dubai and the UAE took key steps in bolstering cooperation with Korea. In late May this year, the two countries announced the signing of a comprehensive economic partnership agreement that aims to free trade between the two nations and promote bilateral investment in key sectors.
The agreement supports companies and investors from both sides by eliminating tariffs and trade barriers in vital sectors. This includes energy and resources, healthcare, advanced industries, smart farms, and bio-economy.
The agreement also encompasses the UAE removing all import duties on automobiles over the next decade. Meanwhile, South Korea’s tariffs on crude oil imports will be removed. The agreement also removes tariffs on more than 90 percent of all imports from both countries in the next 10 years. Moreover, it includes provisions for opening cultural services and the online gaming market.
The UAE and South Korea have also signed a framework agreement on climate change cooperation.
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