Dubai Chambers and Invest Seoul Sign Memorandum of Understanding for Enhanced Cooperation

Photo : Dubai Government Media office

Dubai Chambers and Invest Seoul, a South Korean investment promotion agency, have formally entered into a Memorandum of Understanding (MoU) to enhance investment and trade prospects for the private sectors of both cities. This significant agreement underscores the commitment to fostering cooperation and partnership between their respective business communities, aiming to unlock new avenues for growth and collaboration, particularly in sectors ripe for expansion.

The MoU outlines various collaborative initiatives aimed at facilitating joint efforts between Dubai and Seoul. These include the organization of trade missions, conferences, and specialized business events dedicated to sharing expertise and knowledge. Such endeavors are expected to stimulate economic activity, foster innovation, and drive mutual prosperity for businesses operating in both markets.

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The signing ceremony, which took place at Dubai Chambers' headquarters, was attended by esteemed dignitaries from both Dubai and Seoul. Among them were Oh Se-hoon, Mayor of the Seoul Metropolitan Government, and His Excellency Faisal Juma Khalfan Belhoul, Vice Chairman of Dubai Chambers. Their presence underscored the significance of the partnership and highlighted the commitment of both cities to strengthen economic ties and promote bilateral trade and investment.

This strategic alliance builds upon the already robust economic relations between Dubai and South Korea. Non-oil bilateral trade between the two markets exceeded AED 16.5 billion in 2023, reflecting the strong economic synergy and mutual interest in furthering collaboration. Additionally, the Dubai Chamber of Commerce boasts an impressive roster of 289 active member companies from South Korea as of March 2024, indicating the existing foundation for fruitful business engagement.

The MoU is not only a testament to the commitment of Dubai Chambers and Invest Seoul to fostering economic growth but also reflects their dedication to supporting their respective business communities in seizing opportunities in global markets. By leveraging each other's strengths and resources, both parties aim to create a conducive environment for trade and investment, driving innovation and facilitating sustainable economic development.

Dubai Chambers' strategic objectives are closely aligned with the goals outlined in the Dubai Economic Agenda (D33), which seeks to double the size of the emirate's economy over the next decade. Through initiatives such as this MoU, Dubai Chambers aims to support its members' global expansion plans, attract foreign investment to Dubai, and enhance the emirate's reputation as a leading global hub for business and investment.

In addition to the MoU with Invest Seoul, Dubai Chambers recently signed another significant agreement with the Korea Federation of SMEs (KBIZ), further underscoring its commitment to strengthening economic ties with South Korea. These proactive measures aim to facilitate greater collaboration between business communities in Dubai and South Korea, paving the way for increased trade and investment opportunities.

Overall, the MoU between Dubai Chambers and Invest Seoul represents a significant step forward in enhancing economic cooperation between Dubai and South Korea. By fostering closer ties and facilitating collaboration, both parties are poised to capitalize on emerging opportunities, drive innovation, and foster sustainable economic growth in their respective regions.