Dubai and Africa have a long history of firmly established trade and business and this relationship is only growing. It has expanded and changed dramatically over the past few decades and it will continue to grow and change in the 2020s.
Dubai is a fantastic hub for trade, services and transportation. African countries may benefit from this hub and reach global prosperity because to its advantageous location, first-rate infrastructure and friendly regulatory environment. The rapidly growing urban economy of Dubai may offer financial support, investment opportunities and valuable industry knowledge to African enterprises and entrepreneurs in the retail and logistics sectors. In a nutshell, Dubai holds the key to unlocking the vast economic potential of Africa.
Similar to this, a number of African countries are quickly becoming growing markets for Dubai-based companies, attracted by the continents youthful and fast urbanizing populations, which encourages Dubai-based companies to sell consumer goods there. Around the continent, new avenues for investment, trade and business are opening up. Improvements in the business climate and the African Continental Free Trade Area, which brings together 54 countries to form the largest trading bloc in the world, are also credited with this increase.
By fostering relationships between the two business communities, highlighting the advantages of Dubai's business environment and offering assistance, knowledge and resources to help companies from both regions expand to the other, Dubai Chambers is assisting the business communities in both markets as they investigate bilateral opportunities for trade and investment.
The "New Horizons" trade mission series, a schedule of roadshows and events intended to assist Dubai-based companies is expanding into Africa, is one of the main tenets of this activity. The Dubai International Chamber arranged trade missions to 11 locations in October and November of 2023 and held over 1,800 business-to-business meetings to find prospects for international cooperation and to support the creation of networks and alliances between business communities.
The network of foreign representative offices maintained by Dubai Chambers throughout Africa serves as the foundation for all of this, encouraging tighter collaboration and boosting trade and investment flows between Dubai and Africa. As of right present, Ethiopia, Ghana, Mozambique, Kenya, Egypt, South Africa and Nigeria are home to seven offices across the continent.
Dubai is the perfect partner for African FMCG companies looking to expand abroad for a number of reasons. First, due to our strategic location, we can act as a hub for inbound and outbound trade between the east and west of the globe. Second, we have strong infrastructure and international transportation connections to fully capitalize on this and support business growth and exports into the Gulf region and beyond.
Furthermore, the financial sector in Dubai is ready for investment in companies of all kinds and the city's environment encourages and supports innovation. These factors can all contribute to the growth and success of African FMCG companies.
We've been putting a lot of effort into highlighting these qualities that set Dubai apart as the ideal entry point for businesses looking to enter emerging markets, particularly in the areas of agribusiness and food manufacturing.
In the past several years, we have organized a few events that have been very successful in drawing in new African members. These gatherings give African businesses a forum to network with their Dubai-based peers and investigate potential commercial opportunities. This includes Expand North Star, one of the largest startup and investor events in the world, which took place in October 2023 and featured the "Africa Fast 100," a special showcase that gathered 100 of the top businesses on the continent for talks, networking, and pitching.
Our main focus at Dubai Chambers is the Dubai Economic Agenda (D33), which intends to double the size of the Dubai economy by 2033 and enhance foreign commerce in goods and services.
Africa and FMCG are two of our top focuses when it comes to diversifying our trade portfolio, which is something we emphasize heavily. In order to do this, we are fortifying our bilateral economic ties and seizing investment possibilities in a variety of expanding industries.
We place a lot of attention on broadening our trade portfolio and two of our key priorities are FMCG and Africa. We are grabbing investment opportunities in a range of developing industries and strengthening our bilateral economic connections in order to achieve this.
As part of our "Dubai Global" programme, Dubai International Chambers has built seven new offices around Africa. By 2030, we hope to have 50 locations spread across five continents, making a formidable worldwide network.
These offices support businesses entering the Dubai market and foster closer relationships between the business community in Dubai and other countries. We are highlighting the advantages of Dubai as a commercial hub and offering companies resources to support their expansion, like market information and business matching, through the offices and our other projects. In order to facilitate trade and business interactions, the office network also establishes connections with regional chambers of commerce and industry associations.