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: Free Zones in the UAE |
| JAFZA
International |
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| JAFZA INTERNATIONAL SIGNS MOU WITH INCHEON FREE ZONE |
| Agreement seeks to develop mutually beneficial business propositions |
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Jafza International, the international arm of Jebel Ali Free Zone (Jafza), on Thursday, November 30, signed a Memorandum of Understanding (MoU) with the Incheon Free Economic Zone Authority (IFEZA) of Korea.
The MoU aims to develop a 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 IFEZA.
The MoU was signed by Jamal Majid Bin Thaniah, Group CEO, Ports and Free Zones World (P&F World), on behalf of Jafza international and Sang soo Ahn, the Mayor of Incheon on behalf IFEZA, in the presence of Salma Hareb, Chief Executive officer of JAFZA & Economic Zones World and other senior dignities from both sides.
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 to leveraging Jafza International’s extensive relationship network.
Upon finalization of the proposed project, Jafza International, through its Korean Business Unit, will jointly work to attract investment into the free zone.
At present there are some 30 Korean companies in Jafza, including some global brands like Samsung, LG, and Hyundai.
High level-delegations led by Soomoon Kim, Senior Advisor to the Mayor of Incheon, had visited Jafza in September and October last year, for talks on cooperation in developing the US$15 billion luncheon 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.
Jafza International was created in 2000 to meet the requirements of overseas governments or private investors seeking to establish an Economic Zone within their own Territorial borders.
While drawing from the knowledge of the, Jebel All Free Zone, Jafza International Zone, offers its partners the depth of knowledge, experience and expertise that is critical to ensure the smooth planning, development and management of all Economic Zone projects, while remaining sensitive to the local business environment in each region.
Jafza International currently operates Free Zones in Djibouti, Malaysia and Morocco. |
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Courtesy JAFZA
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Jupiter Web networks |
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Hot
properties in UAE - Freehold |
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