DGFEZ signed a MOU with Dubai Airport Authority, establishing cooperative relationship
Daegu-Gyeongbuk Free Economic Zone Authority (Commmissioner Inseon Lee) signed a MOU on May 1, 2018 for investment cooperation with the Dubai Airport Freezone Authority at Dubai Grand Hyatt Hotel in United Arab Emirates with attendants including Mohammed Al Zarooni, Director of Dubai Airport Freezone Authority, Commissioner Inseon Lee of DGFEZ and Dubai local media.
Main contents of MOU for cooperation to attract investment are:
1) Daegu-Gyeongbuk Free Economic Zone Authority and Dubai Airport Freezone Authority shall prepare the foundation for the mutual investments and establishment of joint ventures by investment firms and financial investors in both countries.
2) The two parties shall jointly promote exchange and consultation between the high- and working-level groups in both countries.
3) The two parties shall promote cooperation by holding a forum to attract joint investments.
In a recent visit to the United Arab Emirates (UAE), President Moon Jae In upgrading the relationship between the two countries to a future-oriented, comprehensive and extraordinary strategic partnership, strengthening cooperation between the two countries, especially in the areas affected by the Fourth Industrial Revolution, Smart Grid, and raw materials for semiconductor components.
As part of the tangible results of the President Moon’s state visit to the United Arab Emirates (UAE), Inseon Lee of the Daegu-Gyeongbuk Free Economic Zone Authority and Mohammed Al Zarooni of the Dubai Airport Freezone Authority will continue to cooperate in relation to the world’s first 5G network-based smart city, self-driving cars, CITS (corporate transport infrastructure), energy technology, and healthcare.
Mohammed Al Zarooni, director of the Dubai Airport Freezone Authority, is planning to attract investment by inviting related companies to a business forum in Dubai for Smart City-related business collaboration.
Commissioner said that "it is significant that Smart City-related companies in Daegu and Gyeongbuk areas will be able to advance into overseas markets and expand into new markets by cooperating with the Dubai Airport Freezone Authority, the world's foremost free economic zone agency ranked by the Financial Times”, adding that the Authority will actively cooperate with the local smart city businesses and parts and materials manufactures in their effort to hold business forums in Dubai while at the same time helping them attract potential investors to Daegu and Gyeongbuk regions.