The Dubai Multi Commodities Centre (DMCC) is expanding its footprint in Asia with a strategic initiative focused on South Korea. This effort culminated in a high-profile partnership with the National Agency for the Promotion of the Information Technology Industry, formalized during the global promotional tour “Found for Trade” held in Seoul. This move reinforces the growing economic ties between the two nations.
The recently signed memorandum of understanding aims to establish a strategic framework that enables both DMCC and the National Agency to enhance collaborative efforts in the fields of artificial intelligence and information and communication technologies. It also seeks to promote innovative partnerships and accelerate the global expansion of South Korean startups from Dubai, which benefits from its vibrant economic environment and unique strategic location. Through this agreement, DMCC will provide specialized support to qualifying South Korean firms, facilitating access to funding sources and offering guidance for market entry to ensure their seamless integration into DMCC’s rapidly evolving technological ecosystem, empowering them to succeed and thrive.
Ahmad Bin Sulayem, the Executive Chairman and CEO of DMCC, stated, “Our partnership with the National Agency for the Promotion of the Information Technology Industry marks a pivotal step in stimulating new capital flows between the UAE and Korea, accelerating technology transfer, and supporting the next generation of startups in artificial intelligence and advanced technology to scale their businesses globally from Dubai. This announcement coincides with the imminent implementation of the Comprehensive Economic Partnership Agreement between the UAE and Korea, which strengthens trade and investment corridors and creates new business opportunities for both sides. With over 110 South Korean companies already based here, we have established ourselves as the preferred destination in the region for Korean enterprises. This partnership will further enhance our position, opening broader avenues for mutual growth and prosperity.”
Yoon Kyu Park, President of the National Agency for the Promotion of the Information Technology Industry (NIPA), remarked, “As we move into the age of artificial intelligence, this agreement is crucial for establishing a fruitful partnership that benefits both our countries. Through collaboration with DMCC, our companies will help meet the demands that Dubai seeks to support while Dubai, in turn, will assist us in overcoming challenges we face. This way, we will enhance our collective ability to compete and thrive globally, achieving a shared leadership in the future innovation-based economy.”
Currently, DMCC hosts more than 110 South Korean companies, witnessing a growth rate of over 16% in the past year. Given that South Korea is recognized as one of the world’s most advanced digital economies, it serves as a natural partner for DMCC, which continues to expand its fast-growing technology ecosystem, now encompassing nearly 3,400 companies in this vital sector. This growth creates substantial opportunities for collaboration and technology exchange. The Seoul leg of the “Found for Trade” tour attracted 130 high-ranking government officials, entrepreneurs, investors, and industry leaders from Korea.