Dubai Chamber receives President of Eritrea

H.E. Obaid Humaid Al Tayer, Chairman of Dubai Chamber of Commerce & Industry, underlined the Chamber's continuous interest in supporting the activities of its members and the business community in Dubai through helping them open new markets and explore new investment opportunities in different countries, especially Eritrea as one of the promising trade markets in Africa.

The reception was attended by a number of Dubai Chamber's Board of Directors, director general, heads of the Chamber's departments and representatives of top economic organizations, businessmen and investors from Dubai.

Al Tayer welcomed the Eritrean President pointing out the features of economic development which Dubai is witnessing thanks to its leadership and policy that depends on incomes diversification, turning the emirate into a regional and international business hub in this region that offers a gateway to markets of more than 2 billion consumers.

He highlighted the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, which highly contributed to a remarkable increase in the rates of Dubai economic growth. Dubai's economy grew faster than some emerging economies such as India's and China's, and other developed economies such as Ireland's, Singapore's and the USA's.

"The important visit of the Eritrean President would positively contribute to enhancing the bilateral trade relations between Dubai and Eritrea through introducing the economic potentials and investment opportunities available in Eritrea. Dubai Chamber also keeps urging the private sector to establish joint enterprises with the Eritrean businessmen," said Al Tayer.

He noted that Dubai's direct non-oil trade with Eritrea reached AED 139 million ($ 37 million) in 2006, expecting a rise in the bilateral trade volumes as a result of the Eritrean President's visit to Dubai and the interests of both countries to support mutual initiatives of economic and investment cooperation.

Al Tayer stressed Dubai Chamber's interest to keep playing its leading role in promoting the economic progress of Dubai through supporting the business community in Dubai with value-added services that help them improve their business activities and enhance their competitive advantages to facilitate their access into global markets, and establish new contacts with their counterparts worldwide.

The Honorable Isaias Afwerki, President of Eritrea, expressed his government's interest in strengthening diplomatic and economic ties with Dubai and the UAE which has largely contributed through sending humanitarian aids to ease the damages caused by wars, crisis and natural disasters which some African countries, including Eritrea, have experienced. The Eritrean President stressed his country's interest in activating economic ties with Dubai, encouraging investment and establishing new commercial partnerships between the business communities in both countries.

"We hope our visit would help introduce the business community in Dubai to Eritrea's economic potentials and investment opportunities which could be exploited by the UAE investors. That goes along with our serious intention to boost the bilateral trade and establish joint enterprises involving our business communities," said Afwerki.

He said that Eritrean businessmen are using Dubai as a significant re-export center in this region, and that the geographical location of the UAE makes it an ideal trade partner for Eritrea. He added that Eritrea has a strategic geographical position along the world's busiest shipping lanes.

The Eritrean President pointed out that Eritrea's GDP reached $ 1.2 billion in 2005, recording an economic growth rate of 2% in 2005. He said that the services sector represent more than 25% of the country's GDP in 2005, while the industrial sector makes 64% of Eritrea's GDP.

He said that Eritrea enjoys a number of natural resources such as gold, oil, copper, marble and other precious minerals, and that the country has worked hard in improving its infrastructure including building new roads and developing seaports, airports and other economic facilities.