Dubai, Czech total non-oil trade at Dhs3.7b

25/04/2015 02:23 AST

In 2014, total non-oil trade between Dubai and the Czech Republic reached a value of Dhs3.7 billion. This is a 15 per cent increase on 2013, with Dhs3.3 billion, and positions the Czech Republic as Dubai’s 51st largest global trade partner. Currently, there are 24 Czech companies among Dubai Chamber’s members.

As part of its first fruitful outcome from the trade mission to the Czech Republic and Slovakia, the Dubai Chamber of Commerce and Industry announced the establishment of the Czech Business Council, under the umbrella of the Chamber, which it said will promote joint economic relations between the business communities of Dubai and the Czech Republic.

The establishment of the Czech Business Council is considered an advanced step towards opening the doors to Central and Eastern European markets for Dubai companies’ investments while allowing Czech companies to unite their voices to achieve their common goals and to set up base in Dubai to reach out to the lucrative regional markets and their large consumer base in the region and beyond.

The announcement came during the opening of the Czech-UAE Business Forum, organised by Dubai Chamber in cooperation with the Czech Chamber of Commerce, which provided an ideal platform for the UAE delegates to learn more about the most promising sectors in the Czech Republic and to network with business leaders and industry peers.

Also, on the side lines of the forum, a Memorandum of Understanding (MoU) was signed by Yahya Saeed bin Ahmed, CEO, S.S. Lootah Group and representative of Eden Group, a leading Czech company, for cooperation in healthcare and medical tourism.

In his keynote address, Sultan Al Mansouri, UAE Minister of Economy and head of the trade mission to the Czech Republic and Slovakia, said: “The economic relations between the UAE and the Czech Republic evolved significantly in recent years. The Czech Republic is one of the most promising destinations for UAE investments because the country provides a safe and encouraging environment for investment.”

Al Mansouri stressed on the importance of organising such forums which he said contribute to building bridges of communication between the business communities in the two countries as he also highlighted the UAE’s investment climate and its highly advanced logistical facilities and strategic location offering access to over two billion consumers to Czech companies wishing to make a base in the country and enter the Middle East, Southeast Asia and the African markets

He pointed to the UAE’s ranking in the World Trade Organisation’s World Trade Trends 2015 report which ranked the UAE as 16th on the list of world’s top commodities exporting countries and 19th on the list of world’s top commodities importing countries thus maintaining its position as the most important market for exports and imports of goods in the Middle East and North African region.

Al Mansouri stressed upon the keenness of the UAE government to open wider horizons of investment for the business community in the country and to help them access promising markets of the world and to encourage them to develop long-term investment and trade synergies with their foreign counterparts.

WAM