Jungjin-gong Supports Expansion of Export Market Channels for SMEs and Venture Companies in UAE

Dubai's Largest Free Zone JAFZA Signs MOU with Local Certification Body GulfTIC

Kim Hak-do, Chairman of the Korea Institute for Advancement of Technology (left), is signing a business agreement with JAFZA in Dubai on the 22nd.

[Asia Economy Reporter Kim Cheol-hyun] The Small and Medium Business Corporation (Chairman Kim Hak-do, hereinafter referred to as SBC) announced that it signed a business agreement with Jebel Ali Free Zone Authority (JAFZA) in Dubai on the 22nd to support the entry of small and medium-sized ventures into the United Arab Emirates (UAE) market.

JAFZA is the largest free zone in Dubai, operated by DP World, a multinational logistics company ranked 10th in global trade volume. More than 100 of the Fortune Global 500 companies are located there, employing approximately 130,000 people.

Through the agreement with JAFZA, tangible results are expected, such as ▲omitting face-to-face meetings through electronic signatures when domestic companies establish local subsidiaries ▲simplifying submission documents to shorten issuance periods ▲expanding the number of licenses available for corporate establishment, enabling practical support for entering the UAE local market.

In particular, domestic companies faced significant burdens when establishing local subsidiaries to export products to the UAE, but this business agreement is expected to greatly reduce those burdens.

Additionally, SBC signed a business agreement with GulfTIC, a global certification specialist in Dubai, to support ▲reduction of certification costs ▲shortening of certificate issuance periods ▲consulting and advisory services related to certification ▲Halal certification. GulfTIC is an officially registered institution with ESMA (Emirates Authority for Standardization and Metrology), the UAE government agency operating the certification system.

With this agreement, the time and cost involved in the official certification process required for customs clearance of products such as food, cosmetics, chemicals, electricity, and gas exports will be significantly reduced, which is expected to aid domestic companies’ entry into the Middle Eastern market.

Chairman Kim Hak-do said, "The UAE is a forward base for entering the Middle Eastern market and a global hub with latent business opportunities," adding, "We will actively utilize this business agreement to provide practical export opportunities to domestic small and medium ventures preparing to enter the Middle Eastern market."

This content was produced with the assistance of AI translation services.