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His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, attended the First Global Business Forum (GBF) ASEAN at the 2020 Dubai Expo today.
GBF ASEAN aims to strengthen economic ties and bilateral trade relations between Dubai and the 10 member states that make up the ASEAN region. In a speech to Sheikh Maktoum and other representatives, the Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, emphasized the importance of the forum and the platform provided by Expo 2020 Dubai to explore greater trade and cooperation between the two regions. invest.
“Holding the Dubai Expo 2020 at this critical moment in world history will help the global economy restart and accelerate recovery and growth. ASEAN countries can play a key role in world economic growth by supporting international trade and establishing partnerships. ASEAN countries The large population provides huge investment opportunities to support the global supply chain. The UAE has a positive attitude towards the ASEAN region because it has a solid economic position with a gross domestic product of US$3 trillion. ASEAN and the Gulf Cooperation Council region complement each other. It plays a vital role in the world economy,” he said.
Reem bint Ibrahim Al Hashem, Minister of State for International Cooperation and Director General of Expo 2020 Dubai, delivered a speech on the first day of the forum. She said that resilience and the ability to overcome obstacles are critical to the continued growth of the Gulf Cooperation Council and ASEAN countries.
“If the pandemic exposes the fragility of the traditional economic system, it also emphasizes those that accelerate the adoption of digitalization, establish innovative and agile ecosystems of start-ups and SMEs, and establish global hubs and platforms as long-term and sustainable partnerships. The potential of people with reputation. Gulf countries and Southeast Asian countries are launching a number of forward-looking initiatives-we are entrepreneurs and problem solvers, always seeking new perspectives to stimulate creativity and innovation. Since the establishment of the UAE in 1971 , And throughout our journey into the 21st century, we have demonstrated these qualities,” Al Hashemy said.
In the ensuing discussion, Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Telecommuting Applications, emphasized Dubai’s strategic location, which makes it a business center and gateway to other regions. Companies around the world have successfully used the UAE’s geographic location as a springboard to enter lucrative new markets.
“If you want to expand your business beyond a specific region to diversify risks, the best way to enter a region is to establish a hub in the UAE. This gives investors the opportunity to reach more than 2 billion people and cover different markets, including Eastern Europe and the Middle East. , Africa and India. This provides potential investors with the opportunity to obtain a high-quality talent pool. It also provides them with the best time zone to work in the East and West. You can start in Asia, then Europe in the afternoon, and in the evening. America,” Al Olama said.
“In addition, companies can expand beyond one country. With the presence of the UAE, countries in the region will be more likely to help companies expand into their regions. Investors can use a variety of demonstration models to release their markets in Asia and other regions. Growth potential. An example of this is the expansion of DP World’s operations to Asia, Africa and Latin America outside the Gulf Cooperation Council,” Al Olama added.
He also drew attention to the facilities provided by Dubai for companies operating in the rapidly expanding technology sector. Dubai Internet City owns more than 60% of AI startups in the region, and Dubai attracts more than 62% of all foreign direct investment in the region. Digital economy.
Abdulaziz Al Ghurair, Chairman of the Dubai Chamber of Commerce, spoke on behalf of the Dubai Chamber of Commerce about how Dubai provides a fertile business environment for ASEAN companies. He called on stakeholders in the two regions to strengthen cooperation to maximize the potential of both parties.
‘During the expansion of bilateral relations in recent years, the ASEAN region is a market of strategic significance for Dubai. The number of ASEAN companies registered with the Dubai Chamber of Commerce and operating in Dubai has increased by 35.5% since 2018, reaching 3,300 today. Non-oil trade between Dubai and ASEAN has reached approximately US$110 billion (Dh404 billion) in the past five years. However, the potential for further expansion of bilateral trade and utilization of existing synergies is huge. To this end, we must work together to remove trade barriers, promote business convenience, and identify new areas where we can achieve our ambitions,” Al Ghurair said.
Dato Lim Jock Hoi, Secretary General of the ASEAN Secretariat, said: “In the past two decades, the bilateral trade volume between Dubai and ASEAN countries was 37 billion U.S. dollars. We believe that the UAE and Dubai, especially the UAE and Dubai, can open up new avenues for both parties. Strategic partnership between ASEAN and GCC countries. ASEAN countries have a lot to offer. As the region has a population of more than 660 million, investment in the digital economy and e-commerce tops the list. We believe the UAE can help with ASEAN countries Establish strategic partnerships in areas such as technological advancement, supply chain and green technology, because the UAE is already a pioneer and leader in sustainable finance and green investment.”
The GBF ASEAN, organized by the Dubai Chamber of Commerce in cooperation with the Dubai Expo 2020, is holding a comprehensive keynote speech, speech, discussion group and seminar to explore ways to promote bilateral trade and promote the economic development of Dubai and the 10 ASEAN countries. With the theme of “New Frontiers”, this conference is the latest member of the Dubai Chamber of Commerce Global Business Forum series, which was launched in 2013 to determine the synergy between Dubai and promising markets around the world.
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