Dubai Chamber discuss boosting economic ties with Argentina and Germany

The delegates were introduced to the encouraging business environment of Dubai and the investment opportunities it offers.

HE Majid Hamad Al Shamsi, 2nd Vice-Chairman of Dubai Chamber, received HE Guillermo Kreckler, Argentine Ambassador to the UAE and Undersecretary for International Trade Development, accompanied by representatives of some Argentine trade promotion organizations and a large number of businessmen and investors.

Al Shamsi welcomed the Argentine delegate stressing the strategic location of Dubai as an international business hub that offers a gateway to markets of 2.2 billion consumers, thanks to the government support and the bold leadership for adopting an open economic policy that helped creating an attractive business environment. He pointed out that Dubai recorded a 9% increase in its foreign trade to reach Dhs523bn ($142.5bn) in 2006, thanks to the private sector which was urged to play a bigger role in the emirate's economy in trade, tourism, construction, financial and logistics services and others.

"Being much interested in attracting Foreign Direct Investments (FDIs), Dubai started to build various investment clusters such as Dubai Internet City, Dubai Media City, Dubai Industrial City, Dubai Healthcare City, Dubai Logistics City, Jebel Ali Free Zone, and many giant development projects that attract investors such as Dubai World Central," said Al Shamsi.

He noted that the visit of the Argentine delegation provides a good platform to exchange ideas and discuss ways of boosting bilateral trade ties. He highlighted the coordinative role of Dubai Chamber with the Argentine Embassy and the Argentine-Arab Chamber of Commerce in attracting more Argentine companies to Dubai and in increasing the volumes of bilateral trade. Dubai's non-oil trade with Argentine reached Dhs586.6m ($135.5m) in 2006.

HE Guillermo Kreckler, Argentine Ambassador to the UAE and Undersecretary for International Trade Development, stressed his government's interest in strengthening the economic relations between Argentina and Dubai and improve the bilateral trade through urging major Argentine companies to open new businesses in Dubai which enjoys an international reputation in the world of business.

Argentina's GDP reached $608.8bn in 2006, with the services sector forming more than 55% of the country's GDP. Dubai's imports from Argentina include vegetables, base metals, oil and fat, machinery and medical instruments, whereas Dubai's exports and re-exports to Argentina include chemicals, machinery, metal products and precious stones.

On the other hand, HE Rashid Al Mazroui, Member of the Executive Committee of the Board of Directors of Dubai Chamber, received another German delegation led by HE Dr. Heiner Heseler, Counselor of the Ministry of Economic Affairs and Ports, President of Bremen Chamber of Commerce, along with a number of German businessmen. Al Mazouri introduced the German delegate to the characteristics of Dubai's business environment and the mega development projects being constructed in Dubai making it an international business hub. He also briefed them on the valuable services offered by Dubai Chamber to members and the business community in Dubai and its role in developing their activities and enhancing their competitive advantage.

HE Dr. Heseler praised the strong economic relations between Germany and the UAE, Dubai in particular, stressing the interest of Bremen Chamber of Commerce to activate mutual cooperation with Dubai Chamber through opening new channels of communication between their members and the business communities in both cities.

More than 507 German companies work in Dubai and are all registered at Dubai Chamber. These companies, along with the German Business Council that works under the umbrella of Dubai Chamber and the activities of 6 German trading representative offices in Dubai, have contributed to the improvement of bilateral trade between the two countries. Dubai's non-oil trade with Germany reached Dhs23.9bn ($6.5bn) in 2006.

Furthermore, Dubai Chamber has played a vital role in strengthening the economic ties between the UAE and Germany through organizing and participating in two economic partnership forums between the UAE and Germany which were held in Essen and Munich in 2005 and 2006 respectively.