Dubai Chambers is on track to develop trade synergies and build new bridges of economic cooperation with ASEAN Countries
Dubai Chamber of Commerce is continuously making Valuable and fruitful efforts to improve the trade ties between UAE and ASEAN Countries. In the continuity of these efforts, the Chamber organized an event with the theme The New Frontiers. In partnership with Expo 20202 Dubai, under the patronage of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the two-day GBF ASEAN was on December 8-9 at EXPO 2020 Duba.
The aim of this two days event was to explore the changing dynamics of ASEAN countries and examine the opportunities to increase bilateral trade, business, and investment between the regions. GBF ASEAN forms part of Dubai Chamber’s flagship Global Business Forum series, which was launched in 2013 under the patronage of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
On the eve H.E Hamad Buamim, President and CEO of Dubai Chamber said “A key pillar of the UAE’s National Food Security Strategy 2051 is to diversify the country’s international sources of
food – an imperative that was brought home during the coronavirus pandemic that had a major impact on global supply chains. As a country with a growing population and one that is unable to
grow its own food at scale, identifying markets that can supply us with produce is a national priority. ASEAN countries represent one such important market”.
The importance of the event can be well understood by the presence of High-level delegates. It includes H.E Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy
and Remote Work Applications (UAE); H.E Reem Al Hashimy, UAE Minister of State For International Cooperation & Director General, Expo 2020 Dubai; H.E. Dr Thani Al Zeyoudi, Minister of State for Foreign Trade; H.E Abdul Aziz Al Ghurair, Chairman, Dubai Chambers; H.E Hamad Buamim, President and CEO, Dubai Chamber; H.E. Nguyen Hong Dien, Minister of Industry and Trade of Vietnam and Prof. Romano Prodi, President, Italy-ASEAN Association.
The ties between Dubai Chamber and ASEAN countries are becoming stronger day by day as His Excellency Abdulaziz Al Ghurair, Chairman of Dubai Chambers has revealed that the number of companies from the Association of Southeast Asian Nations (ASEAN) registered with Dubai Chamber has increased by 35.5% since 2018 to exceed 3,300 today. Before this event, a report with the title Dubai Food and Beverage Trade with ASEAN was issued as the food of thought was released by Dubai Chamber. It highlighted the important role that countries from the Association of Southeast Asian Nations (ASEAN) can play a role in enhancing the UAE’s food security considering the fact that the UAE imports around 85% of the total food it consumes.
The facts provided by this analysis were
- UAE was the second-largest recipient of ASEAN food exports to the GCC, its share being around 34% in 2020.
- ASEAN countries represent more than a 70% share in Dubai’s imports of palm oil and prepared fish.
- One-third of the emirate’s imported coffee and tea extracts also come from the ASEAN region.
- Other notable exports of the ASEAN countries to Dubai include avocados, mangoes, bananas, pineapples, dried leguminous vegetables, and coconuts.
- Dubai as a re-export hub provides a great opportunity for ASEAN traders. As they could consider and increase their exports to the Middle East and African countries using the emirate’s advanced logistics and infrastructure.