Dubai International Financial Center and Seoul City Government Sign MOU to Enhance Cross-Border Cooperation

2023-11-10 22:07:01

The Dubai International Financial Center signed a memorandum of understanding with the Seoul City Government to enhance cross-border cooperation frameworks, share best practices, and accelerate the pace of innovation in the financial services sector between Dubai and Seoul.

The center stated in a statement yesterday that the memorandum, which is the first of its kind, was signed by the Deputy Mayor of Seoul and the Director of Economic Policy in the Seoul City Government, Kim Tae-kyun, and the CEO of the Dubai International Financial Center Authority, Arif Amiri.

Keun said: “In light of the increasing interest from Middle Eastern countries in the Korean market, we will cooperate with the Dubai International Financial Center and Yeouido, the leading financial center in Korea, to help obtain capital and support our emerging companies to expand in the Middle East region.”

For his part, Amiri said: “Both the Dubai International Financial Center and the Yeouido Center share many commonalities and similar trends, the most important of which is the axis related to promoting the next generation of financial innovation, which contributes to the search for deepening cooperation in areas of common economic interest.”

He added, “Through the memorandum of understanding with the Seoul City Government, we are providing a new framework for cooperation between Dubai and Seoul, towards achieving more prosperity and growth in the two financial systems, while we continue to exchange visions and efforts to strengthen relations and expertise, within the framework of improving the future of the financial sector.”

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Within the framework of a wide-ranging action plan, the memorandum of understanding paves the way for a purposeful road map to exchange best practices related to the future of the financial sector, keep pace with the operations of international financial centers, and develop programs for cross-border startups.

The memorandum also provides an opportunity for the exchange of delegations from startup companies to participate in major regional events and activities, in addition to enhancing business development opportunities for startup companies.

The memorandum of understanding also includes the Dubai International Financial Center providing support for the expansion of South Korean companies, to accelerate the growth of emerging companies and entrepreneurs globally.

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