High power Korean delegation explores new avenues for investments in Jafza

Mr. Lee and his delegation were received by Dr. Mohammed Al Banna, Vice President, Commercial Sales, Jafza, who gave a detailed presentation on Jafza's core strengths and its role as a powerful regional business hub.

Welcoming the visitors, Dr. Al Banna said: "Jafza has always enjoyed a fruitful and mutually beneficial commercial relationship with Korea. These ties have strengthened further in recent months, with Jafza signing a MoU with the Incheon Free Economic Zone Authority, and the involvement of our sister company DP World in developing marine terminals in Pusan. We welcome all efforts to enhance our relations to new levels."

Mr. Lee, who as Mayor of Seoul between 2002 and 2006 worked to establish it as the business hub of north-east Asia, said: "We firmly believe that an investor friendly environment and right infrastructure that meets global standards are essential for business growth. We have found this combination producing amazing results for Jafza.

"While Korea's trade ties with Dubai are extremely healthy with investments on both sides, we see great scope for exploring new avenues and commercial opportunities. Innovation is the ultimate key to success."

During his tenure as Mayor, FDI inflows into the Korean capital grew from US$2.3 Billion in 2002 to US $5.6 Billion in 2004.

There are at present 38 Korean companies operating in Jafza drawn from an array of sectors such as trading, manufacturing, engineering, electronics and communications, and this number is expected to increase in the near future, in light of the growing commercial and political relations between Korea and the UAE.