DCCI signs a MoU with Industry Federation of Santa Catarina State (FIESC) in Brazil

The MoU was signed by Engineer Hamad Buamim, DCCI Director General, and Alcantaro Correa, President of (FIESC). The signing ceremony was attended by His Excellency Flavio Sapha, Brazilian Ambassador to the UAE, Mr. Michael Alaby, General Director and Managing Secretary of Foreign Commerce at the Arab Brazilian Chamber of Commerce, and a large number of Brazilian businessmen and companies CEOs and heads of the DCCI departments.

Engineer Buamim stressed the importance of signing a commercial cooperation agreement with the Brazilian delegation as it would help enhance the economic bilateral ties on all fronts between the two countries. It would also help the local business community in Dubai through paving the way to open new trade markets for Dubai businessmen in one of the strongest economies in South America.

"The MoU will open doors for UAE and Dubai businessmen to establish trade joint ventures and increase the volumes of bilateral trade between the two countries, benefiting from the Emirates Airlines which is currently operating three daily flights to different destinations in South America. Dubai's total non-oil trade value with Brazil reached US Dollar 749 million in 2005, compared to US Dollar 517 million in 2004, recording a rise of 45%," said Buamim.

Bumaim also pointed out that Dubai's economy was first based on oil. The emirate diversified its economic sources and started to depend on trade, manufacturing and tourism, adding that Dubai plays a leading role in the export/re-export business in the region.

He said that Dubai is distinguished with its free open market that imposes no tax on corporate or income taxes, as Dubai's GDP increased by 26% in 2005 with trade covering 25% of Dubai's GDP. He noted that the construction projects in Dubai are still witnessing a huge boom expecting its volume to reach US Dollar 100 billion in 2010.

"What makes Dubai a leading business hub in this region is its free economy, developing infrastructure and investment security and stability that encourages investors and businessmen from all over the world to set up new businesses in Dubai either through a commercial partnership or establishing joint ventures," Buamim added.

H.E. Flavio Sapha, Brazilian Ambassador to the UAE, expressed his country's interest in improving the diplomatic and economic ties with the UAE, Dubai in particular. He also admired the remarkable economic boom in Dubai and the developing bilateral trade between the two countries thanks to the efforts of the Arab Brazilian Chamber of Commerce in attracting more Brazilian investments to Dubai.

H.E. Alcantaro Correa, President of FIESC, highlighted the importance of the signed MoU with the DCCI due to its expected key role in activating and improving the bilateral relations between the business communities in both countries. He talked also about the investment potentials of Santa Catarina which is renowned for its distinguished food, furniture and metal industries, as well as its textiles manufacturing.

"The MoU will help us enhance our trade relations to reach all the markets in the UAE and other GCC countries, in addition to setting up more businesses in Dubai and be part of its outstanding development," said Correa.

He expressed the interest of FIESC to promote Dubai and the UAE as a main trade gate to the Gulf and Middle East region, and to work on promoting Brazilian products in Dubai and luring more businessmen to establish new businesses in Dubai.