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Africa is key to UAE trade strategy in 2020


UAE is a key partner of Africa, with it being in a strategic location, with a stable economy, having sound economic policies and a world-class infrastructure, becomes a gateway for Asian countries into the African continent. While there is no denying that Africa is a land of unexplored opportunities, a close and regular interactions are crucial for opening new doors and creating exceptional relationships with African countries. Experts believe that to build local partnerships it is important to bring together various stakeholders from both sides for an open dialogue. The Chairman of Dubai Chamber Al Ghurair said ,"We would also like to take the opportunity to reinforce our commitment to continue working towards exploring new markets and enhancing cooperation between business communities."

The Dubai chamber is also distinguised itself as one of the first international entities to really recognise the potential of Africa and started building its relationship with the continent by investing in exploration of the Common Market for Eastern and Southern Africa (COMESA) region. The focus now is on looking for opportunities in the Sub-Saharan Africa region. Indicating Dubai's attractiveness to international businesses, he informed that 21% of new companies that joined the Dubai Chamber this year were from Africa. Mr. Al Ghurair also said that the robust economic relations between the African continent and the UAE are best represented in strong trade statistics. Within the GCC, the UAE is Africa’s main trading partner. UAE’s imports from Africa are primary products, such as food produce and beverages which constitute almost 80%.

The non-oil trade between Africa and the UAE has reached $32.4 billion (Dh118 billion), growing from $22.9 billion (Dh84.4 billion) in the previous period, registering a 40 per cent increase.

Dubai Chamber’s strategy in Africa is based on the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and ruler of Dubai, who has requested that all those who represent the country’s business sector do their utmost to enhance business connections with countries in the continent in recognition that it represents a key partner for Dubai and the UAE’s sustainable development. “We are also studying the possibility of opening other offices in a number of African markets. At present, we have 12,000 African companies registered with the chamber,” he added. The Sub-Saharan Africa (SSA) region is a major emerging region of the world economy. With its rich natural resources, abundant supply of labour, large and growing consumer market, it could provide potential opportunities for UAE businesses in a range of sectors. UAE businesses could find potential investment opportunities in sectors such as logistics and warehousing, renewable energy, tourism and construction, medical centers, the processing of halal food products and the processing of agricultural products such as coffee and chocolate, among other sectors.


Source : Bizmart
Posted on :11/5/2019