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Tuesday, July 23, 2024
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Dubai Chamber of Commerce signs trade MoU with Hong Kong Chinese General Chamber of Commerce

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  • Large delegation visits UAE for fact-finding to internationalize trade.
  • Lootah: “The trade mission was a huge success and the signing of the MoU heralds a new era of closer trade relations between Dubai and China.
  • Scalable trade opportunities include ships, textiles, and gums and resins, And silk products exported from the UAE to Hong Kong and China.

DUBAI, UAE – The Dubai Chamber of Commerce welcomed a large business delegation from the Hong Kong Chinese General Chamber of Commerce (CGCC). As part of the visit, the two chambers of commerce signed a memorandum of understanding aimed at strengthening economic cooperation.

Dr. Joseph Tsai, Chairman of the Chinese Chamber of Commerce, led a 26-member delegation consisting of senior Hong Kong businessmen including investors, financiers and real estate agents. The MoU is part of the group’s three-day UAE tour and aims to strengthen the mutual ties between the two parties to further strengthen the business relationship.

Under the terms of the agreement, the two chambers will explore opportunities to facilitate knowledge sharing, enhance mutual support for trade and investment missions, and collaborate in participation in trade fairs, conferences, business matching events and other networking events.

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chamber of Commerce, said: “The trade mission was a huge success and the signing of the MoU heralds closer trade ties between Dubai and China. We shared with the delegation the vision, mission, goals and activities of the Chamber, as well as some of the current challenges and opportunities facing the UAE business community.”

Commenting on the trade opportunities, he added: “Imports and exports between our two countries are stable, but more can be done. We see great potential to import more garments, ships and parts, steel and textiles. In exports On the one hand, our data shows that there is an opportunity for the UAE to export more ships, textiles, gums and resins, and silk products to Hong Kong and China. From an investment perspective, we see some Exciting opportunities, which we hope this MoU will encourage.”

In February, Dubai International Chamber of Commerce, one of the three chambers under the Dubai Chamber, announced the opening of a new representative office in Hong Kong as part of its ‘Dubai Global’ initiative. Launched by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, the initiative seeks to establish 50 representative offices for Dubai on five continents by 2030. Led by the Dubai International Chamber of Commerce, Dubai Global aims to attract foreign multinationals, SMEs, investors and international talent to Dubai, showcase Dubai’s competitive advantages, share investment intelligence, and facilitate engagement with overseas stakeholders.

The second largest commodity imported by the UAE from China is machinery, followed by vehicles and parts. After electronics, China mainly imports plastics, cars and components, and machinery from the UAE.

Founded in 1900, the Chinese General Chamber of Commerce is one of the oldest and largest chambers of commerce in Hong Kong. It has strong ties to mainland China, notably through its support for the Belt and Road Initiative and the development of the Guangdong-Hong Kong-Macau Greater Bay Area (GBA). More recently, the Chamber has focused on advancing the globalization of its members and the Dubai Chamber welcomes this prospect with the signing of a new Memorandum of Understanding.

About Chambers Dubai:

Dubai Chambers is a not-for-profit public entity supporting Dubai’s vision as a global player by empowering businesses, delivering innovative value-added services and accessing influential networks. In March 2021, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced the reorganization of the Dubai Chamber of Commerce and the establishment of the Dubai Chamber of Commerce, the International Chamber of Commerce of the three Emirates Chambers of Commerce and the Dubai Digital Economy Chamber of Commerce, Now operating under the Dubai Chamber of Commerce. For more information, please visit us: www.dubaichambers.com

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