Korean government opens Global Business Center in Dubai. “Leading the Second Middle East Boom”
South Korea’s Ministry of SMEs and Startups announced on March 8 (local time) that it held an opening ceremony for its Global Business Center (GBC) in Dubai, inviting local government and private sector officials to strengthen business networking.
About 20 people attended the ceremony, including Minister Lee Young, Deputy Director General Woo Young-hwan of the Korea SMEs and Startups Agency, UAE Ambassador Ryu Je-seung, Consul General of Dubai Moon Byung-joon, and Abdulla bin Damithan of the Jebel Ali Free Zone Authority (JAFZA), as well as officials from government agencies and councils in both countries.
Beginning with the opening of the Global Business Center (GBC) in Dubai, the Ministry plans to transform its 20 locations in 12 countries from incubators to a more diverse set of functions, including open sharing, specialized programs, and diversification of local networks.
The GBCs will be reorganized from providing independent spaces exclusively to a small number of tenants to open networking and collaboration spaces, and will be operated as a connection point for domestic and foreign entrepreneurs through diversification of local networks.
In addition, it will strengthen initial settlement support such as opening local corporate accounts and localizing products and designs, and expand connections with local networks such as recommending promising companies for venture capital.
The Ministry of SMEs and Startups will also focus on support for entering the Middle East market by operating specialized programs for entering the Saudi market to lead the second Middle East boom.
After the unveiling ceremony, Minister Lee observed the Global Business Support Group’s online consultation with 15 Korean SMEs wishing to enter the Middle East.
At each Global Business Center (GBC), Korea SMEs and Startups Agency plans to provide advisory services such as local market information, legal, tax, accounting, and labor services twice a month online and offline for SMEs in the early stages of overseas expansion.
“Starting with the opening of the Dubai Global Business Center (GBC), we will convert 20 overseas expansion bases of SMEs in 12 countries into global business centers, and reorganize them to serve as key bases for the overseas expansion of Korean SMEs through the provision of various specialized programs and networking connections with local professional organizations and groups,” said Minister Lee.
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