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Buamim said so during his reception of a Canadian parliamentary delegation led by HE Ted Menzies, Member of the Standing Committee of International Trade (CIIT) at the House of Commons of the Canadian Parliament. The delegation, which included a number of Canadian parliamentarians from the conservative and liberal parties, was attended by HE Sara Hradecky, Canadian Ambassador to the UAE. A number of heads of Dubai Chamber departments attended the meeting.
Buamim welcomed the Canadian delegation stressing the strong diplomatic and economic ties between the two countries, adding that Dubai's non-oil direct trade increased in 2006 to AED 1.6 billion. He said that the visit of the Canadian delegation would hopefully contribute to an increase in the bilateral trade thanks to the coordination between Dubai Chamber and the Canadian Business Council in Dubai which includes more than 300 members, in addition to the appreciated efforts of the Canadian Trade Office which was later turned into the Canadian Consulate General in 1993.
"The bilateral relations between the UAE and Canada are better recognized with trade since the UAE is considered Canada's largest export market in the Middle East. There are over 115 Canadian companies operating in the UAE, 40 companies of which deal in oil and gas, and this visit is expected to help increase the number of Canadian companies in Dubai through introducing them to the investment opportunities in Dubai and opening new channels of contact between Dubai business community and its Canadian counterpart,"
said Buamim.
He pointed out that Dubai is fast growing due to its strong economic policy and the efficiency of its ambitious strategic plan adopted by the leadership which will move the UAE to stand side by side with the advanced countries that most attract foreign investments.
He underlined the importance Dubai has gained due to the diversification of its economy which helped turning it into a regional and international business hub that succeeded in attracting foreign capitals and investments, in addition to the government support and the facilities offered to investors which largely helped in creating an ideal business environment and increasing the total foreign non-oil trade of the Emirate by 9% to reach AED 523 billion ($143 billion) in 2006, compared to AED 480 billion ($132 billion) in 2005.
The Canadian delegation was introduced to the mega projects being established in Dubai such as Burj Dubai, Dubai Logistics City, DP World, Dubai Metro, Dubai International Financial Center, Nakheel Projects, Dubai Healthcare City, and others. Buamim then briefed the Canadians on Dubai Chamber's mission, objectives and role in protecting the interests of its members whose number has recently surged to over 100,000. He illustrated the Chamber's quality services which help the members develop their businesses and enhance their ties with other business communities around the globe, in addition to boosting their competitiveness and helping them benefit from different investment opportunities overseas.
HE Ted Menzies, Member of the Standing Committee of International Trade (CIIT) at the House of Commons of the Canadian Parliament, praised the strong bilateral ties between Canada and the UAE, stressing his government's interest in further developing these ties in the future. He highlighted his delegation's interest in learning about the economic development which Dubai is witnessing.
"We heard so much about Dubai which acquired an international reputation being the fastest growing city in the region which offers unlimited opportunities in business and investment in all sectors, and that is what has prompted the Standing Committee of the House of Commons in the Canadian Parliament to organize this visit to learn about Dubai's economic development and the investment opportunities it offers to businessmen from all over the world," said Menzies.
He said that the Canadian government's interest in developing economic ties with Arab countries, mainly the UAE, goes back to 1991 when the Canadian-Arab Business Council was established under the aegis of the Canadian Chamber of Commerce. The council then opened the Canadian Trade Office in Dubai which later was developed into a consulate in 1993.
Menzies said that Canada's GDP in 2005 surged to over $ 1 trillion. Canada enjoys a wealth of natural resources such as petroleum and natural gas, hydroelectric power, metals and minerals, fish and forests. The Canadian exports include crude petroleum and products, natural gas, motor vehicles, lumber, metals and wheat. Canada's economy ranks eighth in the world due to its diversification, as services sector comprises 70% of the country's GDP, in addition to other advanced economic sectors such as manufacturing, financial services and the exploitation of natural resources.
Posted by Medilyn Manibo, Assistant News Editor
