DMCC has stepped up its outreach to South Korea, holding three roadshows in different cities.
The Dubai Multi Commodities Centre (DMCC) has signed a Memorandum of Understanding (MoU) with the Seoul Business Authority (SBA) to promote bilateral innovation, entrepreneurship, trade and business relations in the region.
The strategic partnership between DMCC and SBA includes several measures to enhance support and assistance to startups and entrepreneurs, including facilitating the exchange of knowledge, expertise and resources. Additionally, the partnership will facilitate the expansion of Korean startups in the UAE market through a special acceleration program run by AGCC in partnership with DMCC.
South Korea expands presence in UAE
DMCC is home to around 100 Korean companies and hosts almost half of the Korean companies in the UAE. Through acceleration programs and knowledge exchanges, DMCC and SBA will support startups and entrepreneurs looking to set up in Dubai. “This adds to the list of agreements signed in recent years between DMCC and Korean companies, aiming to deepen the vibrant trade corridor between the two regions,” said Ahmed Bin Sulayem, Chairman of the Board and CEO of DMCC.
Notably, the SBA serves as the economic promotion agency for the Seoul Metropolitan Government. It aims to promote Seoul’s economic growth and provide critical support to small and medium-sized enterprises, from nurturing global start-ups to enhancing technological competitiveness.
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Expanding cooperation
DMCC’s agreement with SBA reflects the rapid expansion of DMCC’s relationship with South Korea. It further highlights the importance of South Korea as a major player in the Web3 sector. Over the past few years, DMCC has stepped up its outreach to South Korea. The Center held three roadshows in Seoul, Gyeonggi, and Busan. These efforts have enabled DMCC to see a significant increase of over 20% in the number of Korean companies setting up within the district. This surge also comes amid the historic Korea-GCC Free Trade Agreement, which the parties signed in late 2023.
“With interest from innovative companies in Seoul to enter and expand their business in the GCC region growing day by day, we are confident that DMCC will become an excellent bridgehead connecting Seoul and Dubai,” commented Kim Hyun-woo, CEO of SBA.
Notably, DMCC has won the title of Best Free Economic Zone for nine consecutive years. The center continuously fosters an environment that supports innovation and entrepreneurship, and provides businesses with business solutions and support programs to help them expand their operations in Dubai and globally.
