Dubai Internet City, the region’s leading technology hub and part of TECOM Group, has signed a memorandum of understanding (MoU) with the National IT Industry Promotion Agency (NIPA), backed by the Government of South Korea, to foster innovation and entrepreneurship efforts that bolster the growth of the global technology sector.
Under the terms of the MoU, NIPA will provide industry data and insights that enhance collaboration and facilitate the participation of Korean technology companies and professionals in Dubai Internet City’s ecosystem.
The UAE and Korea are key trading partners with bilateral non-oil trade totalling $3 billion during the first half of 2023. The UAE is Korea’s second-largest Arab trade partner and recently concluded talks with Korea for a Comprehensive Economic Partnership Agreement (CEPA) deal.
The MoU with NIPA underscores Dubai Internet City’s commitment to advancing technology, innovation, and entrepreneurship through joint initiatives that have a positive impact on the global scale.
Commenting on the partnership on behalf of Dubai Internet City, Mr. Ammar Al Malik, Executive Vice President of commercial at TECOM Group, said that, “We are delighted to embark on this strategic memorandum with NIPA that marks a significant step towards fostering innovation, supporting entrepreneurship, and strengthening the global technology landscape.”
“The agreement underscores our ecosystem’s alignment with the goals of Dubai Economic Agenda ‘D33’ to enable globally impactful innovation from Dubai. The strengths and resources offered by Dubai Internet City and TECOM Group will undoubtedly create a lasting impact and drive growth for Korean technology companies not just in Dubai or the region, but around the world,” Mr. Al Malik added.
Earlier this year, the UAE also announced plans to invest $30 billion in various South Korean sectors and industries to expand economic cooperation over the next few years.
