Dubai Chamber discusses trade cooperation with the Republic of Congo

The meeting discussed the ways of boosting bilateral economic and trade relations between the two chambers, enhancing bilateral ties between the business communities and attracting UAE investments and businessmen to Congo.

Al Shamsi welcomed the Congolese guest stressing the interest of Dubai Chamber to enhance its trade relations with all the world chambers of commerce and business communities to enable Dubai businessmen make contacts with their counterparts worldwide.

He briefed the Congolese President of the Federation of Chambers of Commerce, Industry and Agriculture, with the features of economic development which Dubai is witnessing thanks to its leadership and policy that depends on income 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, Vice President and Prime Minister of the UAE 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.

'Four decades since its was established and with its members increased to more than 90,000, Dubai Chamber is still committed to provide its members and the business community in Dubai with the best value-added services, and to act according to an effective strategy that aims at helping the members access global markets, explore investment opportunities and establish strategic partnerships with other business communities worldwide. Dubai Chamber is also ready to help Congolese businessmen and investors seeking to set up direct or joint ventures in Dubai,' Al Shamsi added.

He said that there are only few Congolese companies operating in Dubai and registered at Dubai Chamber. Dubai's direct non-oil trade with Congo reached over AED 242 million in 2006, whereas Congo ranks number 76 in the list of Dubai trade partners.

H.E. Paul Obambi, President of the Federation of Chambers of Commerce, Industry and Agriculture in the Republic of Congo, expressed his government's interest over developing the economic and trade relations with the UAE, Dubai in particular, due to the growing economic significance of Dubai as a gateway of international trade in this region.

'The Federation of Chambers of Commerce, Industry and Agriculture in Congo is interested in attracting the UAE investments to Congo, and discussing the possibility of establishing joint ventures with UAE trade partners in the UAE and Congo alike, mainly in the finance, oil refining, public works and manufacturing sectors, as well as enhancing our exports of plywood to the UAE,'

said Obambi.

He showed his interest in signing an agreement of cooperation between Dubai Chamber and the Federation of Chambers of Commerce, Industry and Agriculture in Congo to help boost the bilateral trade volumes, exchange economic expertise and statistical information about trade and investments and its related legislations.

Obambi noted that the Federation of Chambers of Commerce, Industry and Agriculture in Congo includes four chambers that operate in the cities of Brazzaville, Pointe-Noire, Dolisie and Ouesso. Congo's economy basically depends on oil which represents the major revenue of the country. Congo is considered Africa's fifth largest oil producer after Nigeria, Angola, Gabon and Equatorial Guinea.

He said that Congo has made a number of economic reforms on tax systems, investment and labor, as well as privatizing banking and financial services, telecommunications and transport sectors. These sectors offer encouraging investment opportunities as Congo is in the process of developing its infrastructure and boost its economic relations with the world to attract more foreign investments.