Chamber launches new horizons trade mission to Central Asia

Dubai International Chamber, one of the three Chambers operating under Dubai Chamber, on Monday launched “New Horizons”, a new initiative to drive international expansion of its members to new markets.

The initiative allows companies to join roadshows to gain first-hand knowledge of establishing and doing business in select countries and priority markets.

The first in a series of “New Horizons” events will see a large delegation of Dubai business leaders heading to Central Asia between 14th-21st March to better understand and explore business opportunities in Uzbekistan, Kazakhstan and Kyrgyzstan.

The delegation, headed by Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, will feature 26 Dubai-based companies representing 16 sectors. The delegates gathered today at Dubai Chambers headquarters for a pre-Trade Mission briefing, during which details of the trip and further information on the economic outlook of the three nations were revealed.

The initiative builds on the “In Focus” scheme. Both initiatives aim to drive members’ international expansion while supporting Dubai’s plan to increase the emirate’s foreign trade to Dhs2 trillion by 2026. One of the Chamber’s key objectives is to support 100 businesses to expand globally within the next two years.

‘In Focus’ events, held in Dubai, aim to connect Dubai businesses with public and private sector leaders of select countries to drive their interest in those regions as potential destinations for international business expansion and guide them through every stage of their international growth journey. The first In Focus event was held in December 2022 and put Central Asia market under the spotlight.

Lootah said that the upcoming trade mission will provide the participating business leaders from Dubai with insight, information, and guidance on exporting to or investing in Central Asia.

“We will soon embark on this exciting Trade Mission, including local expert talks, pre-arranged business matching activities, networking meetings and site visits to industrial and economic zones, and cultural and engagement activities. New Horizons to Central Asia will enable us all to engage in focused and meaningful discussions with decision-makers from the government and private sectors in Uzbekistan, Kazakhstan and Kyrgyzstan,” he added.

In the three nations, the largest contributors to GDP include manufacturing, trade, transport, agriculture and construction. UAE exports to these Central Asian nations include electronics, vehicles, machinery and tobacco. Central Asia is already an important market for Dubai: in 2021, Dubai’s non-oil trade with the three countries reached $2.4 billion.

The Trade Mission is a golden opportunity to engage public and private sector leaders to promote cross-border partnerships and grow mutual business. The eight-day roadshow takes in four cities: Tashkent, Uzbekistan; Astana and Almaty, Kazakhstan; and Bishkek in Kyrgyzstan.

Dubai Chambers recently unveiled a series of accomplishments for 2022 at its headquarters, demonstrating its diverse initiatives to support Dubai’s business community and dedication to realising its strategic goals in alignment with the city’s future development plans.

Dubai Chamber of Commerce saw a 20 per cent increase in membership to 347,600, with 56,000 new members joining it during the year. In addition, the exports and re-exports of Dubai Chamber of Commerce members grew by 20 per cent in 2022, totalling Dhs272.7 billion, demonstrating the resilience of Dubai’s traders and their capacity to expand their exports into new markets.

Dubai International Chamber opened four new international offices in 2022, growing its international network to 15 offices. During the year, the international offices conducted 2,031 meetings with investors.

Another significant accomplishment for the chamber was attracting five multinational corporations and 16 small and medium-sized enterprises (SMEs) to Dubai, as well as assisting nine Dubai-based companies in expanding to new global markets.

Dubai Chamber of Digital Economy conducted international outreach in collaboration with other relevant government entities, which resulted in attracting 203 tech entrepreneurs and experts as well as 54 high-potential start-ups to Dubai.

Dubai Chamber of Digital Economy was the strategic partner of North Star Dubai 2022, an event that drew 100,000 attendees from 170 countries, including 800 startups.

The event also hosted 600 investors with a portfolio of over $500 billion and 35 global unicorns which had a combined market value of $216 billion.

Separately, Dubai Chamber of Commerce, one of the three chambers operating under Dubai Chambers, has organised recently a Corporate Tax Workshop, designed to help participants navigate the new regime, with expert advice from senior members of corporate tax and legal teams at PwC Middle East.

After issuing the UAE issued Federal Decree-Law No. 47 of 2022 on Taxation of Corporations and Businesses (the Corporate Tax Law), businesses will become subject to the UAE Corporate Tax from the beginning of their first financial year that starts on or after 1st June 2023.