Dubai, Indonesia to strengthen trade and investment relations

Dubai Chamber of Commerce (DCC), one of the three chambers operating under Dubai Chambers, has announced the establishment of the Indonesian Business Council.

The launch of the new council is aimed at enhancing trade and investment relations, fostering new business opportunities, and expanding collaboration between the business communities in Dubai and Indonesia. The establishment brings the total number of Business Councils operating under the chamber’s umbrella to 59.

The launch of the Indonesian Business Council reflects Dubai’s growing appeal to Indonesian businesses and investors. Non-oil bilateral trade between Dubai and Indonesia surpassed Dhs10 billion during the first nine months of 2024, underlining the strong commercial ties between the two markets.  The number of Indonesian businesses registered as active members of Dubai Chamber of Commerce achieved annual growth of 60 per cent last year to reach 160 by the end of December 2024.

The first annual general meeting of the Indonesian Business Council was recently held at Dubai Chambers’ headquarters. Members discussed ways to enhance collaboration, organise bilateral business events, and explore emerging opportunities, as well as exchanging expertise and valuable market insights.

Maha Al Gargawi, Vice President of Business Advocacy at Dubai Chambers, commented: “Business Councils play a vital role in strengthening trade and investment ties by providing interactive platforms for dialogue and cooperation between business communities. We are committed to empowering Business Councils to support companies in exploring new opportunities, expanding cooperation, and enhancing the private sector’s competitiveness, all of which contribute to sustainable economic growth in Dubai.” As part of its ongoing drive to strengthen trade and investment ties between Dubai and Indonesia, Dubai International Chamber inaugurated a representative office in Jakarta in 2023. Building on this momentum, the chamber organised 200 bilateral business meetings in Jakarta between 17 Dubai-based companies and Indonesian firms as part of a trade mission to Southeast Asia in May 2024, which included visits to Indonesia and Vietnam.

During the mission, the ‘Doing Business with Indonesia’ forum attracted a record 472 participants including high-ranking officials, business leaders, and local Indonesian companies keen to explore partnership opportunities with Dubai’s business community. This strong turnout reflects the growing interest in collaborating with companies operating in Dubai among Indonesia’s private sector. The Business Councils under the umbrella of Dubai Chamber of Commerce represent the interests of businesses and investors operating in Dubai from specific countries. In collaboration with the chamber, Business Councils focus on boosting bilateral trade and investment relations between Dubai-based companies and businesses from the markets represented, with the goal of strengthening strategic economic partnerships.

Established in 1965, Dubai Chamber of Commerce continues to represent, support, and protect the interests of the business community in Dubai, create a stimulating business environment, and promote the emirate as a global business hub.

The chamber is one of three chambers operating under the umbrella of Dubai Chambers, which was restructured under a decree issued by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

Meanwhile earlier Dubai Chambers has successfully organised the Dubai-Bangladesh Business Briefing, with the goal of enhancing bilateral economic and investment relations, fostering cooperation between the business communities in both markets across key sectors, and supporting the growth of bilateral trade. As part of the event, a Memorandum of Understanding (MoU) was signed between Dubai Chambers and the Dhaka Chamber of Commerce & Industry (DCCI). The agreement is designed to broaden bilateral cooperation and promote efforts to diversify and expand mutual trade and investments.

The two parties will provide comprehensive support to strengthen connections between exporters and importers from Dubai and Dhaka, including the facilitation of business-matching services. The MoU also seeks to encourage joint ventures and collaborative investments between private sector companies in both markets.

The agreement outlines cooperation between the two parties in areas including the organisation of specialised trade events, exhibitions, and investment missions. The two chambers will also focus on sharing commercial and economic data to facilitate the exchange of market intelligence.

The agreement was signed by Mohammed Ali Rashed Lootah, President and CEO of Dubai Chambers, and Taskeen Ahmed, President of the Dhaka Chamber of Commerce & Industry.

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented, “Dubai Chambers is committed to extending comprehensive support to Bangladeshi businesses and investors to help them grow their operations in Dubai and leverage the emirate’s competitive advantages.