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Chambers Dubai has announced the opening of a new international office in Hong Kong to drive mutual economic and business growth and strengthen trade links between Dubai and Hong Kong.
The office will facilitate trade from Hong Kong to Dubai, attract more Hong Kong companies to Dubai, and expand Dubai’s influence in the Asia-Pacific region. It will work with the Hong Kong Trade Development Council (HKTDC) and other government and private sector entities to capitalize on the exciting growth of the Dubai and Hong Kong economies.
Emphasizing the potential for further cooperation and expanding the partnership between Dubai and Hong Kong, the Dubai Chamber of Commerce and the Hong Kong Trade Development Council (HKTDC) signed a Memorandum of Understanding to collaborate in supporting and advancing common goals, including fostering a positive economic environment and developing trade relations between Dubai and Hong Kong. business opportunities in between.
UAE-Hong Kong Business Forum
The announcement was made on the sidelines of the UAE-Hong Kong Business Forum, held in Dubai, and attended by a high-level Hong Kong delegation led by Hong Kong Chief Executive John Lee and several UAE government and business leaders including Thani bin, UAE Minister of State for Foreign Trade. Dr. Ahmed Al Zeyoudi, Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chamber of Commerce, Sultan Bin Sulayem, Chairman of Dubai International Chamber of Commerce, Faisal Juma Khalfan Belhoul, Vice Chairman of Dubai Chamber of Commerce, and Mohammad Ali, Rashed Lootah, President and CEO of Dubai Chamber of Commerce.
The new office is in line with the ‘Dubai Global’ initiative launched by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, to set up Dubai on five continents by 2030 50 representative offices. Dubai Global, led by the Dubai International Chamber of Commerce, aims to attract foreign multinationals, SMEs, investors and international talent to Dubai by showcasing the emirate’s competitive advantages, sharing investment intelligence and engaging with overseas stakeholders.
Commenting on the new Hong Kong office and the MoU, Al Ghurair said: “Dubai and Hong Kong have a long-standing relationship that spans decades. This MoU strengthens the existing relationship and will facilitate greater Trade and investment. I look forward to seeing continued collaboration with our Hong Kong counterparts, especially as we establish our new international office in Hong Kong. I am confident that the relationship between our two countries will continue to thrive in the years to come.”
Outreach
The MOU enables both parties to receive mutual support and assistance in organizing seminars and outreach events, trade and investment missions, and business visits. Through the MoU, Dubai Chamber and HKTDC agree to provide mutual assistance in trade consultation, business matching or networking events, and to strengthen cooperation and provide information on opportunities in industries of mutual interest.
The UAE is Hong Kong’s largest trading partner in the Middle East. Non-oil trade between the UAE and Hong Kong will reach AED 22.2 billion (US$ 6.04 billion) in the first half of 2022, an increase of 16.2% compared to the same period in 2021, while non-oil trade between Dubai and Hong Kong will reach 372 billion in 2021. billion dirhams.
With gemstones and electronics making up the majority of traded products between Dubai and Hong Kong, other trade areas with high potential include clothing and clothing accessories, fresh fruit, pharmaceuticals, nickel, rubber and aircraft parts. — trade arab news agency
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