DIFC and Korea Capital Market Institute Reinforce Ties through Strategic Cooperation Agreement

MoU facilitates investment and relations between financial institutions in South Korea and the UAE

Dubai International Financial Centre ("DIFC"), the financial and business gateway between the Middle East and the world, yesterday (Tuesday 14 June 2011) signed a Memorandum of Understanding ("MoU") with Korea Capital Market Institute ("KCMI"). The MoU will see DIFC and KCMI commit to supporting relationships between DIFC and South Korean institutions that are interested in expanding internationally. This will include jointly organising workshops, seminars and conferences among other initiatives to stimulate to business growth. The MoU was signed by Dr. Hyoung-Tae Kim, President, KCMI and Dr. Nasser Saidi, Chief Economist and Head of External Relations, DIFC Authority, at a special ceremony held in Seoul.

Dr. Nasser Saidi, Chief Economist and Head of External Relations, DIFC Authority said: "The MoU aims to raise awareness among investors of potential investment opportunities between South Korea and the GCC region. Both parties have stated that they will provide access to their financial and business communities in order to support business flow between the two regions. The UAE and South Korea have very strong ties which have formed the basis of this partnership. I have no doubt that this MoU will enable the strong relations and trade between our two regions to develop still further."

Total exports from South Korea to the UAE in 2010 stood at US$5.12 billion and imports from the UAE were US$ 9.07 billion. The UAE ranks number one on the list of South Korea's exporting countries and number two on the list of its importing countries from the Middle East region.

Another aspect of the partnership is collaboration on education and research-related programmes. The Centre of Excellence at DIFC is renowned for attracting world-class institutions to build banking and financial human capital for the region. The MoU will see DIFC and KCMI working together to attract to DIFC specialised Korean universities, institutes, companies and government officials which are renowned for innovation in finance. Furthermore, DIFC and KCMI will explore the viability of internship and secondment programmes.

Dr. Hyoung-Tae Kim, President, KCMI, said: "Since its inception in 2005, DIFC has been facilitating the flow of business and contributing to the economic growth of its region. Its international regulations, laws and best practice standards have created the ideal business environment for its member institutions and clients, allowing them to truly operate at a global level. DIFC’s unique offering for South Korean firms is reinforced by the signing of this MoU. I am delighted that we now have a formal agreement in place between DIFC and KCMI which will no doubt lead to new business opportunities for both parties and even higher levels of economic cooperation between South Korea and the entire Middle East region."