DCCI hosts the UAE-Ukraine Business Forum

The forum discussed the characteristics of the investment opportunities available in Ukraine for investors and the facilities and support given by the Ukrainian government to investors from the UAE.

The forum was attended by Mr. Abdul Rahman Ghanem Al Mutaiwee, Director General of DCCI, His Excellency Yevhen Mykytenko, Ambassador of Ukraine to the UAE, Her Excellency Valentina Semenyuk, Chairman of the State and Property Fun of Ukraine, Mr. Sergei Pachkovsky, Director General of the Ukraine Trade Center in Dubai, His Excellency Igor Ogorodnik, Minister of Economy of the Autonomous Republic of Crimea in Ukraine, Mr. Sultan Majid Lootah, Acting Director of Business Promotion Department in the DCCI, and a number of Ukrainian businessmen and investors in Dubai.

Al Mutaiwee welcomed the Ukrainian businessmen participating in the forum and stressed the important role these forums hold in enhancing trade and economic relations between Dubai and the Ukraine. He pointed out that Dubai provides investors with a competitive package of investment facilities, stable economic policy with the absence of taxes on personal and corporate incomes.

"Dubai handles all types of goods and services, thanks to the emirate's transport infrastructure, its ports serve more than 170 shipping lines and its airport handles aircrafts of more than 100 airlines," said Al Mutaiwee.

He noted that Dubai's total non-oil foreign trade during the past few years has witnessed a remarkable growth, recording an increase of 126 % and an annual average growth rate of 22.6 %.

He said: "We are glad to invite the leading Ukrainian companies engaged in trading, travel, tourism and hotel industry, health, telecommunication, information technology, manufacturing, real estate, construction, power engineering and petrochemical industry, to establish direct and joint investments with their counterparts in Dubai and Dubai Free Zones."

He also spoke of the two-way trade between Dubai and Ukraine which has seen a remarkable development between 2000 and 2004, as the total bilateral trade between the two partners increased by 243 %, with an annual growth rate of 37 %. In the meantime, the number of Ukrainian companies operating in Dubai increased in 2005 to 27.

The volume of Dubai's non-oil foreign trade with Ukraine reached AED 746.2 million in 2004, as the total value of Dubai's imports from Ukraine in the same year reached AED 557 million, whereas Dubai's re-exports to Ukraine in 2004 reached AED 171 million and Dubai's exports to Ukraine in the same year hit AED 18.3 million.

"The floor is still open for more cooperation between the business communities in both countries, benefiting from the treaties signed by both countries such as the avoidance of double taxation agreement which was signed by the UAE and Ukraine in 2003, and the investment protection agreement which was signed in 2004," Al Mutaiwee added.

He pointed out that all these positive and encouraging achievements came because of the efforts made by the DCCI in close cooperation with the Ukraine Trade Center in Dubai. He also highlighted the importance of establishing a Ukrainian Business Council in Dubai, similar to the business councils of other Dubai trade partners, which operate under the umbrella of the DCCI. He said that these councils play a vital role in boosting business and commercial relations between the two partners, in addition to consolidate acquaintance between the two business communities.

"The DCCI is still ready to extend all possible facilities and cooperation with the Ukrainian business community to set up business interests in Dubai and promote joint ventures and direct investments in our two countries," he added.

His Excellency Yevhen Mykytenko, the Ukrainian Ambassador to the UAE, stressed the importance of the forum which is supported by the Ukrainian Prime Minister and which helps improve the trade relations between Dubai and Ukraine. "The UAE has witnessed a remarkable development during the past years thanks to the stable political and economic condition as the trade turnover between both countries reached US Dollar 430 million last year," he said. He also invited the UAE businessmen to visit Ukraine to be introduced to the investment opportunities available.

Her Excellency Mrs. Valentina Semenyuk, Chairman of the State, Property Fund of Ukraine, praised the trade relations between Dubai and Ukraine. She briefed the participants about the aspects of the economic development which Ukraine is witnessing with the aim to attract foreign investments.

Mr. Sergei Pachkovsky, Director General of the Ukraine Trade Center in Dubai, appreciated the effort of the DCCI in hosting this significant forum aiming to introduce the local business community in Dubai to the investment opportunities available in Ukraine, especially in the Autonomous Republic of Crimea. He also talked about the goals of the Ukraine Trade Centre in Dubai which was established last May and its role in enhancing the relations between businessmen in the UAE and their counterparts in Ukraine.

A presentation was conducted by His Excellency Igor Ogorodnik, Minister of Economy of the Autonomous Republic of Crimea, about the economic and tourist aspects of Crimea and the available investment opportunities.