Dubai Chambers has signed a Memorandum of Understanding (MoU) with Invest Seoul, a South Korean investment promotion agency, to enhance the investment and trade opportunities available to the private sector in Dubai and Seoul.

The MoU seeks to develop partnerships between the business communities in Dubai and Seoul. The agreement is set to unlock opportunities for growth and cooperation between businesses in both markets that are looking to expand in promising sectors. The MoU will promote collaboration in organising trade missions, conferences, and business events dedicated to sharing expertise and knowledge, which will bring mutual benefits for both parties and drive growth and innovation.

The MoU was signed at Dubai Chambers’ headquarters in the presence of representatives from both cities including Oh Se-hoon, Mayor of the Seoul Metropolitan Government, and His Excellency Faisal Juma Khalfan Belhoul, Vice Chairman of Dubai Chambers. The agreement seeks to build on the well-established economic relations between Dubai and South Korea. Non-oil bilateral trade between the two markets exceeded AED 16.5 billion in 2023, while a total of 289 companies from South Korea were registered as active members of Dubai Chamber of Commerce as of March 2024.

His Excellency Faisal Juma Khalfan Belhoul, Vice Chairman of Dubai Chambers, commented: “Dubai Chambers is focused on providing our members with new growth opportunities in key strategic markets around the world and attracting investment and expansion to Dubai. Our cooperation with Invest Seoul will contribute to the development of diverse trade and investment prospects for the private sector in both markets. We look forward to fostering partnerships with the Seoul business community in promising sectors to strengthen bilateral relations and drive mutual growth and prosperity.”

His Excellency added: “With its advanced logistics capabilities and infrastructure, favourable business environment, and culture of innovation, our city is perfectly positioned to serve as a hub for growth in the region and beyond. We are committed to supporting South Korean companies in capitalising on promising opportunities in Dubai and leveraging the emirate’s competitive advantages to drive their global expansion, as well as providing comprehensive assistance to local companies seeking to do business in South Korea.”

As part of its efforts to strengthen economic relations with South Korea, Dubai Chambers signed an MoU with the Korea Federation of SMEs (KBIZ) to build connections between the business communities in Dubai and South Korea and encourage partnerships between companies in both markets.

Dubai Chambers is committed to supporting members with their global expansion plans in strategic markets around the world, attracting foreign investment and international companies to the emirate, and enhancing Dubai’s reputation as a leading global hub for business and investment. The chambers’ strategic objectives are closely aligned to the goals of the Dubai Economic Agenda (D33), which aims to double the size of the emirate’s economy over the coming decade and consolidate Dubai’s position among the top three cities globally.