Dubai-Azerbaijan cooperation in key sectors highlighted

Inayat-ur-Rahman, Chief Business Reporter

A delegation from Azerbaijan joined by businessmen representing 27 companies recently visited Dubai Chamber of Commerce and Industry’s headquarters where they held 204 meetings with potential UAE investors.

 The meeting, attended by Mahir Aliyev, Ambassador of Azerbaijan to the UAE, examined prospects for expanding Dubai-Azerbaijan cooperation in key sectors and areas of mutual interest, such as trade, agriculture, foodstuff, tourism and construction.

 During the meeting, Omar Khan, Director of International Offices at Dubai Chamber provided the visiting delegates with an overview of Dubai-Azerbaijan trade ties and synergies shared by both economies and business communities. He revealed that non-oil trade between Azerbaijan and Dubai reached Dhs826 million in 2018, and said there is tremendous potential to boost and diversify bilateral trade in the future.

Khan described Dubai Chamber’s representative office in Baku as gateway and ideal platform for UAE companies to learn more about business environment in Azerbaijan and attractive opportunities opening up in the country, while it also assists Azerbaijan-based companies that are keen to enter the Dubai market.

 The delegation visit was led by Azerbaijan Export and Investment Promotion Foundation (AZPROMO) as part of its annual export mission to Dubai. The meeting followed two delegation visits organised by Dubai Chamber’s Baku office earlier this year, which provided an opportunity for Azerbaijani companies to participate in GITEX Technology Week 2019 and Gulfood 2019.

Meanwhile, the Dubai Chamber of Commerce and Industry  recently hosted a seminar at its headquarters earlier today which identified key economic trends expected to reshape the global economy and trade landscape in 2020, as well as market opportunities offering the most potential for businesses in Dubai.

The seminar examined key factors and developments affecting global trade growth in 2019 and highlighted the need for Dubai-based traders to further diversify exports and focus on markets beyond the MENA region.

An informative presentation provided an overview of trade and investment opportunities emerging in ASEAN countries and pointed to fast-growing populations and the adoption of new technologies as key factors fuelling growth momentum behind economies in the region. Singapore, Indonesia, Cambodia, Thailand and Malaysia were identified as the top ASEAN for Dubai exporters. The establishment of more flight routes between the UAE and Southeast Asia in the future is expected to boost bilateral trade flows and bring down the cost of trading, making ASEAN markets more attractive to exporters in Dubai.

A second presentation provided insights on the value of Dubai’s exports to Africa remains which is currently far below its full potential. Kenya, Mozambique, Tanzania, Egypt and Senegal were named as the top African markets for Dubai exporters, as these countries offer vast business opportunities for traders, logistics companies and insurance firms in the emirate.

In addition, the presentation touched on the potential positive impact of the African Continental Free Trade Area (AfCFTA) will have on Africa’s trade with the rest of the world in 2020. The expansion of direct flights between African countries and the UAE has played a crucial role in expanding bilateral trade in recent years, the presentation noted, adding that improving connectivity further would encourage more Dubai-based business to explore business opportunities emerging across the continent.

“In today’s fast-changing business world, it has never been more important for companies to stay informed about key trends reshaping the global economy and position themselves to maintain their competitive edge. By organising this seminar, we aim to provide our members with valuable market intelligence, helping them make more informed business decisions and explore global expansion opportunities, “said Dr. Belaid Rettab, Senior Director, Economic Research and Sustainable Business Development Sector, Dubai Chamber, explained during the seminar.