DMCC Celebrates Over 20% Growth In Korean Members After Seoul Trade Roadshow

The Dubai Multi Commodities Centre (DMCC), recognized globally as the leading free zone and a Government of Dubai Authority on commodities trade and enterprise, has reported a significant increase in its membership, with companies from the Republic of Korea growing by over 20 percent year to date. This surge in membership follows a strategic visit to Seoul, part of DMCC's Made for Trade Live global trade roadshow, aimed at showcasing the benefits of conducting business in Dubai.

During the visit, DMCC engaged in high-level discussions with Korean tech giants Kakao and Naver to explore opportunities for mutual collaboration. This initiative is part of DMCC's intensified efforts throughout 2023 to strengthen ties with the Republic of Korea, including dedicated roadshows in Seoul and Gyeonggi and forming strategic partnerships with key regional entities like the Korea Blockchain Industry Promotion Association (KBIPA) and Seongnam City.

A landmark agreement was also reached in February 2024 between DMCC and the Korea Institute of Startup and Entrepreneurship Development (KISED), aimed at fostering global start-up growth. This move aligns with the broader context of deepening diplomatic and economic relations between the UAE and the Republic of Korea, highlighted by the signing of a historic Korea-Gulf Cooperation Council Free Trade Agreement and a Comprehensive Economic Partnership Agreement (CEPA) in late 2023. The CEPA is expected to eliminate 90 percent of tariffs between the two nations upon its implementation, opening up a dynamic new trade corridor.

With 94 members from the Republic of Korea, DMCC is now home to roughly half of the Korean business community in the UAE. This statistic underscores the strategic importance of the Korean market to DMCC, especially considering Korea's leading position in advanced technology industries.

Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, commented on this development, stating, "At almost 100 members from the Republic of Korea today, DMCC represents roughly half the South Korean business presence in the UAE. This reflects our strategic focus on expanding our business connections within the South Korean market to further trade and investment. As ties between our nations continue to strengthen, we are confident that our premium infrastructure, industry partnerships, and ecosystems will attract more South Korean companies to Dubai across various sectors including Web3, crypto, gaming energy, and more."

DMCC's Made for Trade Live roadshows have been instrumental in highlighting Dubai as a top destination for business. These events emphasize Dubai's unique value proposition for attracting foreign direct investment (FDI). Notably, DMCC contributes to 11 percent of Dubai’s annual FDI inflows. In 2023, it celebrated its second-best year on record by welcoming nearly 2,700 new companies. Currently, DMCC is a vibrant community with over 24,000 businesses from across the globe.

The recent initiatives and partnerships underscore DMCC's commitment to enhancing Dubai's position as a global hub for trade and enterprise. By fostering closer ties with international markets such as the Republic of Korea, DMCC aims to continue its trajectory of growth while supporting businesses in leveraging Dubai's strategic location and world-class infrastructure.

With inputs from WAM