Mohammad Ali Rashed Lootah
Dubai International Chamber, one of the three Chambers operating under Dubai Chamber, has launched ‘New Horizons’, a new initiative to drive international expansion of its members to new markets.
'New Horizons' allows companies to join roadshows to gain first-hand knowledge of how to establish and do business in various select countries and priority markets.
The first in a series of ‘New Horizons’ events will see a large delegation of Dubai business leaders heading to Central Asia between March 14 and 21, 2023, to better understand and explore business opportunities in Uzbekistan, Kazakhstan and Kyrgyzstan.
26 Dubai-based companies
The delegation, headed by Mohammad Ali Rashed Lootah, President & CEO of Dubai Chambers, will feature 26 Dubai-based companies representing 16 sectors. The delegates gathered today at Dubai Chambers headquarters for a pre-Trade Mission briefing, during which details of the trip, and further information on the economic outlook of the three nations was revealed.
New Horizons builds on the ‘In Focus’ scheme. Both initiatives aim to assist in driving members’ international expansion while supporting Dubai’s plan to increase the emirate’s foreign trade to AED2 trillion ($540 billion) by 2026. One of the Chamber's key objectives is to support 100 businesses to expand globally within the next two years.
'In Focus' events, held in Dubai, aim to connect Dubai businesses with public and private sector leaders of select countries to drive their interest in those regions as potential destinations for international business expansion and guide them through every stage of their international growth journey. The first In Focus event was held in December 2022 and put Central Asia market under the spotlight.
Lootah said: "The In Focus and New Horizon initiatives reflect our ongoing efforts to connect our members to new opportunities for business growth in priority markets worldwide. Through the events in Dubai and in the market or country in focus, we aim to encourage domestic businesses to build an international presence, while promoting Dubai as a thriving global investment hub and encouraging FDI and new partnerships from the markets we visit."
Lootah added that the upcoming Trade Mission will provide the participating business leaders from Dubai with insight, information, and guidance on exporting to or investing in Central Asia. “We will soon embark on this exciting Trade Mission which includes local expert talks, pre-arranged business matching activities, networking meetings and site visits to industrial and economic zones, alongside cultural and engagement activities. New Horizons to Central Asia will enable us all to engage in focused and meaningful discussions with decision makers from the government and private sectors in Uzbekistan, Kazakhstan and Kyrgyzstan,” he added.
In the three nations, the largest contributors to GDP include manufacturing, trade, transport, agriculture and construction. UAE exports to these Central Asian nations include electronics, vehicles, machinery and tobacco. Central Asia is already an important market for Dubai: in 2021, Dubai’s non-oil trade with the three countries reached $2.4 billion.
The trip offers the chance for companies in a variety of sectors to seek out trading partners and develop new bilateral trade agreements. Several opportunities exist for Dubai-based businesses in areas including agriculture, metallurgy, tourism and construction.
The Trade Mission is a golden opportunity to engage with both public and private sector leaders to promote cross-border partnerships and drive mutual business growth. The eight-day roadshow takes in four cities: Tashkent, Uzbekistan; Astana and Almaty, Kazakhstan; and Bishkek in Kyrgyzstan.
Dubai Chambers is committed to supporting its members to globally expand into strategic markets across the world as well as attract foreign investments and international companies – including those from Central Asia - to the emirate and enhance Dubai’s reputation as a global business and trade hub.-- TradeArabia News Service