DIC showcases opportunities for firms to expand into Indonesia and Vietnam - GulfToday

DIC showcases opportunities for firms to expand into Indonesia and Vietnam

Mohammad Ali Rashed Lootah addresses participants during the ‘In Focus’ event.

Mohammad Ali Rashed Lootah addresses participants during the ‘In Focus’ event.

Dubai International Chamber (DIC), one of the three chambers operating under the umbrella of Dubai Chambers, has successfully hosted the first ‘In Focus’ session of the year to highlight promising opportunities for Dubai-based companies to expand into Indonesia and Vietnam.

The event attracted 120 participants from diverse economic sectors and was attended by Nguyen Mạnh Tuan, Ambassador Plenipotentiary and Extraordinary of the Socialist Republic of Vietnam to the United Arab Emirates.

The session explored synergies and cooperation on trade and investment between Dubai and the two Southeast Asian countries through presentations and interactive panel discussions featuring experts on both markets.

Designed to support Dubai Chambers’ member companies with their global expansion, the In Focus event examined a range of topics related to market entry strategies and conducting business in Indonesia and Vietnam, including the cost of living, ease of banking, financial facilities, and incentives available for foreign businesses.

The initiative creates a platform for Dubai businesses and member companies to engage with public and private sector leaders in key strategic markets. Participants are provided comprehensive information on the business landscapes in the targeted countries and regions, including guidance on the requirements for doing business and prospects for companies and investors.

The In Focus initiative comes as part of the chamber’s support for companies across all stages of their overseas expansion, which ranges from the provision of timely market intelligence to assistance on company set-up procedures, economic partnerships, and business deals.

Commenting on the significance of the event, Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, said: “Being present in Dubai creates a vital advantage for companies across diverse sectors due to the emirate’s strategic location and competitive advantages, which include innovative services designed to promote the growth and prosperity of the private sector and encourage the expansion of local companies.”

He added: “Today’s In Focus event comes as part of our ongoing drive to support the expansion of companies operating in Dubai at both the regional and global levels, and paves the way for participants to enter constructive partnerships in promising international markets.”

The In Focus event serves as an introduction to the chamber’s New Horizons initiative, which enables Dubai-based companies to join tailored trade missions in targeted countries. Participants in the New Horizons roadshows benefit from opportunities to attend industry events and pre-arranged business meetings to explore investment opportunities and joint economic partnerships in the featured markets.

The In Focus and New Horizons initiatives are designed to support Dubai Chambers’ strategic priorities by accelerating the global expansion of companies operating in Dubai and contribute to achieving the goals of the emirate’s foreign trade plan, which seeks to increase non-oil foreign trade to Dhs2 trillion by 2026.

Dubai International Chamber one of three chambers operating under the umbrella of Dubai Chambers, was established to promote Dubai as a global business hub, attract multinational companies and expand the emirate’s trade ties with promising markets.

The Chamber has a mandate to meet His Highness Sheikh Mohammed’s ambition to increase Dubai’s foreign trade from Dhs1.4 trillion to Dhs2 trillion by 2026.

Meanwhile Dubai International Chamber (DIC) has successfully contributed to the expansion of AMEA Power, one of the region’s fastest-growing renewable energy companies, into Mozambique. The move further expands the Emirati company’s business on the African continent.

Under the terms of a partnership agreement signed on the sidelines of COP28 and witnessed by Banco Nacional de Investimento, AMEA Power will work with Mozambique’s Hidropower to develop the 125 MWp Matambo solar photovoltaic power plant in a project valued at up to $150 million.

Dubai International Chamber supported AMEA Power through its international representative office in Maputo, providing valuable insights and guidance on investment procedures, potential partnerships, and business requirements in Mozambique. The chamber arranged a series of bilateral meetings with key stakeholders and local institutions, which culminated in the completion of the deal and AMEA Power’s first project in the southeast African nation.

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented: “Dubai’s dynamic private sector is continuing to prove its competitiveness on the global stage by leveraging the emirate’s strategic advantages and favourable business environment, which is geared towards growth and expansion. AMEA Power’s successful entry into the Mozambique market underlines the impact of our efforts to stimulate the growth of local companies and conclude rewarding deals that positively reflect on the private sector in Dubai and further strengthen the emirate’s position as an ideal platform for global expansion.”