Chambers of Dubai and Hamburg sign MoU to expand partnership

Dubai Chamber of Commerce and Industry (DCCI) and Hamburg Chamber of Commerce have signed a Memorandum of Understanding (MoU) to renew their strategic partnership, initiated in 2007, and foster closer ties between the UAE and German business communities.

The agreement, signed on the sidelines of the 12th World Chambers Congress (WCC) in Dubai, focuses on the common goals of innovation, with a strong focus on energy, mobility and new technologies.

Under the agreement, the two chambers agreed to extend their cooperation, share knowledge and best practices on membership-related services through institutional exchange, including exchange and cooperation in other countries where the organisations maintain a presence.

The chambers will jointly coordinate future initiatives and foster cooperation in the healthcare sector between both regions and co-organise meetings between companies in both countries.

Commenting on the partnership, Hamad Buamim, President & CEO, Dubai Chamber, remarked, “Both Chambers realise the importance of co-operation to drive innovation and to provide effective solutions to boost energy, address environmental concerns and promote sustainability and mobility.” He noted that Dubai and Hamburg are remarkably similar in terms of logistical prowess, strategic geographical location and strong emphasis on being a trade hub. Therefore, this MoU with the Hamburg Chamber of Commerce seems as a natural next step to tap into existing trade and investment potential.

Buamim added that the MoU aligns with the Chamber’s efforts to offer members’ access to growth opportunities and explore business partnerships with their global counterparts.

“In line with our strategic vision, Hamburg 2040’, the cooperation with Dubai Chamber of Commerce and Industry will provide new opportunities for our member companies in Dubai and beyond. Thanks to its openness for new ideas, Dubai provides an excellent launch pad for innovation from Hamburg. Furthermore, as a global hub Dubai is a great starting point for Hamburg-based companies to spot the latest trends in business and innovation and develop new markets in the region,” says Dr Malte Heyne, CEO of the Hamburg Chamber of Commerce.

Dubai Chamber and Hamburg Chamber of Commerce started their strategic partnership in 2007 and since then have worked diligently to bring together business communities from both sides.

This partnership has created new channels of fruitful cooperation over the last decade, with the Dubai-Hamburg Business Forum serving as an important platform for business exchange under this partnership.

Established in 1965, the Dubai Chamber of Commerce & Industry is a non-profit public entity, whose mission is to represent, support and protect the interests of the business community in Dubai by creating a favourable business environment, supporting the development of business, and by promoting Dubai as an international business hub.

Dubai Chamber of Commerce and Industry provides an integrated system of smart and electronic services that cover all the requirements of the business community, enabling businesses to complete all their transactions remotely easily, easily and according to the highest international standards.

The Chamber is one of the pioneer provider of smart services, with smart transformation of 98% of its core services, which can be accessed using the smart application of the Chamber or by visiting the website.

Meanwhile Southeast Asia offers tremendous investment potential as economies in the region remain resilient and competitive in the face of Covid-related challenges, while the outlook for the region’s economic recovery looks bright, a new Dubai Chamber study entitled “Why ASEAN” has revealed.

The study was released ahead of the Global Business Forum ASEAN (GBF ASEAN), which is organised by Dubai Chamber in partnership with Expo 2020 Dubai. The inaugural forum, held under the theme The New Frontiers, takes place Dec.8-9, 2021 at Expo 2020 Dubai.

The findings, based on data from the International Monetary Fund and the United Nations Conference on Trade and Development (UNCTAD), indicates that ASEAN countries have strong economies that have succeeded in overcoming the repercussions of Covid-19, with a GDP of $3.1 trillion in 2020. This represents 9.13 per cent of the GDP of the Asian continent. Economic indicators suggest an expected increase of 4.64 per cent by 2025, which highlights the potential of the ASEAN economies and their ability to play a pivotal role in the global economic map. High-potential business opportunities

Despite the fallout from COVID-19 that has casted a shadow on the global economy, ASEAN countries attracted $2.9 trillion of total FDI inflows in 2020, a growth of 8.4 per cent compared to 2019, which constitutes 7 per cent of the total volume of foreign investment inflows in the world, and 34 per cent in Asia. In addition, ASEAN countries achieved the highest growth rate in the Asia in the volume of foreign investment inflows, with a total annual growth of 9.8 per cent.