- Czech-UAE Business Forum discusses cooperation in tourism, real estate and trade sectors
- Al Mansouri: The UAE government is keen to open wider horizons of investment for the business community and to help them access promising markets of the world
- Buamim: Czech companies can make Dubai their base for expansion in the lucrative regional markets. Also, the Czech market is an ideal destination for UAE investments
- 3.7 billion dirhams was Dubai’s non-oil trade with the Czech Republic in 2014
Dubai, UAE: 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 H.E. 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, H.E. 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.”
H.E. 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.
H.E. 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.
Highlighting the importance of organising the trade mission to the Czech Republic and Slovakia in cooperation with the Dubai Chamber of Commerce and Industry, the UAE Minister of Economy, said that there are many opportunities for Czech and UAE companies in the areas of trade, logistics, tourism, banking, agriculture and food industry.
“The UAE trade mission to the two countries is a great opportunity to gain insights on the promising investment opportunities across all sectors. We believe both countries are highly important investment destinations that should be explored carefully and thoroughly,” he said.
H.E. Hamad Buamim, President and CEO, Dubai Chamber, said: ‘‘We are delighted to be in the Czech Republic today. Through this strategic business forum and the trade mission to this one of the most promising markets in Central Europe, we hope to encourage stronger business cooperation and two-way investment across key economic sectors including real estate, tourism, healthcare, infrastructure, industry and health tourism. The Czech market is an ideal destination for UAE investments,” he said.
H.E. Buamim pointed out that the establishment of the Czech Business Council is a step in the right direction as this will lead to enhanced trade cooperation between the two countries, adding that the number of Business Councils operating under the umbrella of the Chamber has rose to 44, which also reflects on Dubai’s leadership in attracting global companies to operate out of the emirate.
The President and CEO of Dubai Chamber called upon the Czech Chamber to visit Dubai next June with a trade delegation of Czech investors to explore investment opportunities and to strengthen bilateral cooperation in vital economic sectors as the emirate is an ideal location for Czech companies to set up base for entering the markets in the Middle East, Southeast Asia and the African Continent and to benefit from the infrastructural and logistics facilities offered to investors.
In 2014, total non-oil trade between Dubai and the Czech Republic reached a value of AED 3.7 billion. This is a 15% increase on 2013, with AED 3.3 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.
On his part, H.E. Vladimir Dlouhy, President, Czech Chamber of Commerce, stressed that the Czech businesses are looking to increase exports to UAE in light of the low Euro rates which will help UAE businesses to import goods at cheaper rates while attracting UAE investments into his country’s lucrative economic sectors including medical tourism and industry.
He also stressed on the importance of strengthening strategic partnership with Dubai Chamber stating that this latest visit by the Dubai delegation and the ongoing cooperation with Dubai Chamber in areas of common interests will be beneficial for both the sides in the long run.
The forum also had speeches by H.E. JiÅ™Ã Havlicek, Deputy Minister, Czech Ministry of Industry & Trade, Dagmar Kuchtova, General Manager, Confederation of Industry of the Czech Republic, and presentations by the Czech Chamber of Commerce with focus on cooperation opportunities in the tourism sector, spa industry, medical tourism, trade and investment and a special presentation on Dubai economic overview and areas of cooperation by Hassan Al Hashemi, Vice-President, International Relations, Dubai Chamber.
The trade mission, which will visit the Czech Republic and Slovakia from April 20 to 24, has over 20 Government officials and business leaders headed by H.E. Sultan Al Mansouri, UAE Minister of Economy, and includes H.E. Hamad Buamim, President and CEO, Dubai Chamber, H.E. Mohammed Ahmed Bin Abdul Aziz Al Shehhi, Undersecretary for Economic Affairs, UAE Ministry of Economy, H.E. Sultan Abdullah bin Hadda Al Suwaidi; Chairman, Sharjah Economic Development Department, H.E. Jamal Al Hai, Chairman and Owner, Al Hai Group, H.E. Yahya Saeed bin Ahmed, CEO, S.S. Lootah Group, , Abdullah Sharafi, President, Gerab National Enterprises, Ismail Akil Abbasi, Chairman, Abbasi Group of Companies, and Pavel Foubik, President, Czech Business Council, which operates under the umbrella of Dubai Chamber.