Jafza International signs MoU with Incheon Free Zone
Jafza International, the international arm of Jebel Ali Free Zone (Jafza), November 30 signed a Memorandum of Understanding with the Incheon Free Economic Zone Authority (IFEZA) of Korea.
The MoU aims to develop a more commercially viable business relationship between the two parties which also includes the possibilities of the establishment of an agreement for Jafza International to develop, manage and operate an integrated business or logistics park within IFEZ.
The MoU was signed by Mr Jamal Majid Bin Thaniah, Vice Chairman, Dubai World on behalf of Jafza International and Mr. Sang-soo Ahn, the Mayor of Incheon on behalf of IFEZA, in the presence of Ms. Salma Hareb, Chief Executive Officer of Jafza & Economic Zones World and other senior dignitaries from both sides.
Ms. Salma Hareb, CEO, Jafza and Economic Zones World, said: ‘The agreement will help Jafza International pursue its strategic goal of developing an international platform of free zones and business parks across key trading corridors. With the signing of this MoU, Jafza International seeks to establish a presence not only in Korea but also in North East Asia.
‘At this phase, we will explore the potential for developing, managing and operating an integrated business or logistics park within IFEZ that will complement and be consistent with the original master plan.’
Under the MoU IFEZA will identify a commercially viable business opportunity within its free zone and will propose the same to Jafza International and will help Jafza International in its feasibility study.
IFEZA also seeks to develop its operational benchmarks and hence to attract investments leveraging Jafza International’s extensive relationship network.
In turn, Jafza International will jointly work with IFEZ to attract investment into IFEZ, through its Business Unit that be established in Korea, upon finalizing the proposed project.
At present there are some 30 Korean companies in Jafza, including some global brands like Samsung, LG, and Hyundai.
High level delegations led by Mr. Soomoon Kim, Senior Advisor to the Mayor of Incheon, had visited Jafza in September and October this year, for talks on cooperation in developing the US$15 billion Incheon Free Zone.
The proposed free zone and port complex will cover an area of about 200 sq km and is expected to be completed by 2020.
