Dubai Multi Commodities Centre (DMCC) has signed a memorandum of understanding (MoU) with the Seoul Business Agency (SBA) to boost cooperation between the UAE and Korea in the fields of innovation, business activities, and trade.

The strategic partnership between DMCC and SBA will support startups and entrepreneurs by facilitating knowledge and resource exchange, according to a press release.

This will help South Korean startups expand into the UAE market through acceleration programmes run by AGCC and DMCC.

The agreement highlights the growing relations between DMCC and South Korea, especially in the Web3 sector.

DMCC has hosted three Made for Trade Live roadshows in Seoul, Gyeonggi, and Busan, and partnered with entities like KISED, KBIPA, and Seongnam City.

These efforts have led to a 20% increase in South Korean businesses in DMCC, coinciding with the South Korea-GCC Free Trade Agreement signed in late 2023.

Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, said: “Our strategic partnership with Seoul Business Agency will provide vital support for startups and entrepreneurs from South Korea looking to grow from Dubai.”

Hyunwoo Kim, CEO of SPA, commented: “As the interest in Seoul’s innovative companies entering the GCC region and expanding their business grows day by day, I am confident that DMCC will serve as an excellent bridgehead between Seoul and Dubai.”