To increase the private sector’s trade and investment opportunities in Dubai and Seoul, Dubai Chambers has inked a Memorandum of Understanding (MoU) with Invest Seoul, a South Korean investment promotion agency.
The MoU aims to strengthen ties between the business communities in Seoul and Dubai. Due to this agreement, businesses in both markets who want to grow into promising sectors will have more opportunities for cooperation and growth. To exchange expertise and knowledge, the MoU will encourage cooperation in the planning of trade missions, conferences, and business events. This will benefit both parties and spur innovation and growth. Oh Se-hoon, the mayor of the Seoul Metropolitan Government, and His Excellency Faisal Juma Khalfan Belhoul, the vice chairman of Dubai Chambers, were among the representatives from both cities present when the Memorandum of Understanding was signed at Dubai Chambers’ headquarters. By signing this agreement, Dubai and South Korea hope to strengthen their strong economic ties. By March 2024, 289 South Korean companies were registered as active members of the Dubai Chamber of Commerce, and bilateral trade in non-oil products between the two markets exceeded AED 16.5 billion in 2023.
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