• korean business presence in jebel ali free zone doubles in two years
• korean companies eye jafza as commercial gateway to gulf region
Jebel Ali Free Zone (Jafza), the Middle East’s top trading hub, is preparing to witness a sharp increase in the number of South Korean companies launching business operations from the free zone.
Jafza and its investor-friendly business model attracted maximum attention at the UAE-Korea Business Investment Opportunities Exhibition held in Seoul June 7 to 9.
The Exhibition assumed added significance since it was organized in the wake of the state visit to Korea by HH Sheikh Mohammed bin Rashid al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, in May when he invited Korean businesses to use the UAE as the commercial gateway to the entire Middle East.
Ibrahim Al Janahi, Senior Vice President, Commercial Sales, Jafza, who attended the event said:
“This was the first such econmic forum between the two countries and the interest generated by His Highness Sheikh Mohammed’s official visit has opened new horizons for bilateral trade developments. Jafza was able to reach out to a large number of major companies through direct contacts and showcase the advantages and competitive edge we provide to investors.”
Korea is already a major investor in Dubai and the rest of the UAE, and Korean companies are involved in some of the most high-profile projects. The number of Korean companies based in Jafza has more than doubled from 20 in 2004 to 45 in 2006.
Al Janahi said:
“We expect to see this robust trend continue in the coming years, given the keen investor interest that we generated at the Seoul exhibition this month. What is significant is that we are beginning to attract leading Korean companies such as Daewoo Electronics, Hankook Tower Crane, Hyundai Corporation, LG Electronics, Motrex, Sami Corporation and Samsung Gulf Electronics, involved in strategic sectors such as energy and mineral resources, construction, IT, communication technologies, shipping and logistics.”
The Dubai-based high-tech industry facilitator, Techno Park, like Jafza a subsidiary of Economic Zones World (EZW), also participated in the event. EZW, a business unit of Dubai World, is one of the world’s largest developers and operators of economic zones and business parks.
