DMCC and Seoul Business Agency Ink MoU to Enhance Trade and Startup Support

UAE, 29 May, 2024 : The Dubai Multi Commodities Centre (DMCC) has signed a Memorandum of Understanding (MoU) with the Seoul Business Agency (SBA) to promote innovation and strengthen trade ties. The SBA, an economic promotion agency for the Seoul Metropolitan Government, supports SMEs and startups.

The partnership aims to enhance support for startups and entrepreneurs by exchanging knowledge, expertise, and resources. This includes acceleration programs for South Korean startups looking to expand in the UAE market.

Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, highlighted that DMCC hosts almost 100 South Korean companies. The agreement aims to deepen the trade corridor between the UAE and South Korea, reflecting DMCC's growing relations with South Korea, especially in the Web3 sector. Recent outreach efforts include three roadshows in Seoul, Gyeonggi, and Busan.

The number of South Korean businesses in DMCC has increased by over 20%, coinciding with the South Korea-GCC Free Trade Agreement signed in late 2023.

Hyunwoo Kim, CEO of SBA, expressed confidence that DMCC will serve as a bridge between Seoul and Dubai, anticipating concrete collaborative projects resulting from the MoU.

Source : www.zawya.com