Dubai Chambers has developed plans to establish new country-specific business councils operating in Dubai and expand its functions to support ongoing efforts to boost Dubai’s non-oil foreign trade, President Abdul Aziz announced at the -Ghurair
Speaking at the Diplomatic Circle 2022 dinner in Dubai, Ghurair called on 150 ambassadors, consuls general and trade attachés to cooperate in establishing new business councils representing investors from their home countries to provide the right platforms for businesses in the Emirates United Arabs and abroad. to connect, collaborate and build mutually beneficial partnerships.
“We are launching a comprehensive new framework that will restructure and expand the role of business councils in Dubai to boost its foreign trade and promote cross-border business opportunities for member companies,” Ghurair said.
The councils will cover markets of strategic importance to Dubai, support the expansion of its presence in Africa, Latin America and the Middle East and attract more companies and investments from these regions.
Ghurair encouraged existing business councils to leverage Dubai International Chamber’s vast network of international offices to their advantage, operate more effectively and provide their members with access to attractive growth opportunities in the UAE and abroad.
He emphasized that the aim is to form new business councils for countries that are not currently represented in the business council system.
The councils would be concerned with developing and updating joint economic relationships, linkages and partnerships to meet the aspirations, goals and strategic economic visions of Dubai and the countries represented by these councils.
Ghurair briefed participants on critical economic developments and various new initiatives and features introduced by Dubai Chambers aligned with its new strategic priorities aimed at improving the business environment and economic competitiveness in Dubai.
Undersecretary of the International Trade Sector of the Ministry of Economy, Juma al-Kait, said that the UAE is building a modern economy as a global center for foreign trade and investment in line with the goal of government to double the size of foreign investment. economy from $381 billion to $816 billion by 2030.
He highlighted the importance of bilateral trade agreements and comprehensive economic partnership agreements signed between the UAE and major economies to accelerate trade, strengthen supply chains, create investment opportunities and boost innovation.
“The UAE is ready, more than ever, to do business with the world and form mutually beneficial partnerships that promise a brighter and better future for all,” Kait said as he called on business communities across the world that take advantage of emerging market opportunities. in the country
The UAE is also attracting a new generation of foreign direct investment to accelerate industrial innovation ambitions.
“We welcome all forms of capital, technological and financial,” said the official, who identified healthcare, education, agritech, food production, fintech, financial services and technologies advanced as crucial target sectors for FDI.
He added that new residency rules applicable to golden and green visas and updated laws related to commercial enterprises, employment and family businesses would help ensure the sustainable economic growth of the UAE.