Mr. Ahmed Mahboob Musabih, Director-General of Dubai Customs and CEO of Ports, Customs and Free Zone Corporation has discussed ways to enhance trade cooperation with Mr. Moon Byung-Jun, South Korea Consul-General, and members of the South Korean Business Council in Dubai.
The meeting, which falls under the Ertebaat initiative, covered topics such as means of boosting economic cooperation and expanding cooperation with South Korean businesses and diplomatic missions.
During the virtual business meeting, Mr. Musabih reaffirmed the importance of cooperating with South Korea’s diplomatic missions and companies to support mutual trade through providing high-quality services and facilities to clients and partners.
“It’s very important for us to boost ties of partnership with our friends in the South Korean business councils and corporates. The growing bilateral ties between the UAE and Korea drive more business cooperation, capitalizing on the recent economic and trade agreements signed between them. Ties with our partners are gaining more weight and momentum, and we are working hard at Dubai Customs to develop our initiatives for better delivery of services and products. The UAE – South Korea’s growing trade cooperation has led to the signing of a mutual recognition agreement to implement the Authorized Economic Operator (AEO) program, which supports a rise in mutual trade by taking advantage of the facilities and incentives offered to traders and businesses certified as trusted AEOs in both countries. The UAE already has 107 companies joining the local AEO program.”
Mr. Musabih pointed out that the authority processed 12.7 million customs transactions in the first half of 2022, against 24 million customs transactions completed in 2021.
On his part, Mr. Byung-Jun said that, “This, besides serving the interests of both parties, also fosters a favorable environment for easing trade and investment activity between India and the UAE through expanding economic and investment possibilities and enabling South Korean traders to enhance their operations in the region without any hassle.”