The Dubai Airport Freezone Authority (DAFZA) has revealed its move to pursuemore intensified investment relations with South Korea. The statement was made during the recent visit of a delegation from South Korea led by Consul General H.E. Nam Duk Heo to thresh out the details for more productive and expansive cooperation. The visit highlighted the robust business and investment relations between the UAE and South Korea, with the three South Korean companies forming part of the guest delegation highly optimistic of forging key agreements with the freezone.
DAFZA’s Director General, Dr. Mohammed Al Zarooni, emphasized how such bilateral talks are crucial to expanding partnership horizons with South Korea. Asian firms currently account for around 18 per cent of DAFZA’s hosted companies. Of these, Korean firms demonstrate a marked superiority in terms of technological innovation, human capital, and new business models and processes. Bilateral trade between the UAE and South Korea currently stands at around USD 23 billion, with more than 13,000 South Korean citizens and over 200 Korean corporations present in the Arab state.
DAFZA has been playing a fundamental role in the steady economic expansion of Dubai, which grew its economy by 2.5 per cent in 2016. Considered the Arab World’s commercial hub, the emirate has had enormous success diversifying its economy, with its non-oil foreign trade reaching AED1.276 trillion last year. Direct foreign trade during the same period hit the AED 830-billion mark, while freezone trade accounted for AED 411.44 billion. DAFZA currently hosts several major Korean brands such as Kolon Global Corporation, Halla Holdings, Atlas BX, Dongbu, and Moorim that count among the freezone’stop business contributors.
Several expansion projects are further heightening DAFZA’s appeal among existing and potential South Korean investors alike. For one, the DAFZA Industrial Park just 5km away from the freezone scheduled for completion by Q2 2017 will bring in more than 30 new light industrial units and 16,000sqm of leasable space. DAFZA is also customizing its office packages to suit the specific requirements of South Korean businesses. These are on top of the freezone’s existing advantages such as a strategic location just hours away from major Asian and European markets, a business-friendly environment, 24-hour customs services and rapid cargo clearance, a dedicated logistics center, one-stop-shop administrative services, and 100 percent exemptions on corporate and personal income tax, among many others.