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chronicle
business editor
The Dubai Chamber of Commerce in the United Arab Emirates (UAE) has approved the establishment of the Zimbabwe Business Council in Dubai, which is expected to play a key role in building business coordination and a networking ecosystem to strengthen economic ties.
The development is in line with the Chamber’s plans to establish new country-specific business committees and expand their role to boost Dubai’s foreign trade and facilitate cross-border business opportunities for member companies.
Bilateral trade between the UAE and Zimbabwe has seen strong growth recently, especially between 2019 and 2021.
For example, the UAE’s imports from Zimbabwe will reach about $2.3 billion in 2021, compared to $1.5 billion in 2020 and $904 million in 2019.
On the one hand, the value of UAE exports to Zimbabwe in 2021 is US$209 million. The main products of trade between the two countries are precious stones and metals.
The Dubai Chamber announced the establishment of the Zimbabwe Business Council on its official website on Tuesday, saying it would boost the already growing trade volumes and business relations between the two destinations.
Building on the momentum created during Zimbabwe’s participation in the six-month Expo 2020 Dubai that concluded in March this year, the launch further supports Zimbabwe’s foreign policy focused on economic diplomacy, based on engagement and re-engagement with the global community.
Covering markets of strategic importance to Dubai, the Business Council provides the right platform for businesses in the UAE and abroad to connect, collaborate and form mutually beneficial partnerships, the Dubai Chamber said.
“The Dubai Chamber supports the establishment of the Zimbabwe Business Council whose main objective is to promote Zimbabwean business interests and Zimbabwean business interests in Dubai,” the chamber said.
“The establishment of the Zimbabwe Business Council is a concerted effort to improve the ease of doing business in Dubai while creating a supportive, conducive and world-class business environment in the emirate.”
As the two countries deepen bilateral trade and investment ties, the business council is expected to go a long way in promoting Zimbabwean UAE-registered companies and their goods and services in the country.
“Our aim is to create new avenues of economic cooperation between the emirate’s business community and promising markets around the world. Covering markets of strategic importance to Dubai, the Chamber provides the right platform for businesses in the UAE and abroad to connect , collaboration and building mutually beneficial partnerships,” the chamber quoted its executive director of business advocacy, Maha AlGargawi, as saying.
“These committees will support us as we further expand our presence in Africa, Latin America and the Middle East and attract more companies and investment from these regions.”
Commenting on the development of the Dubai-based Zimbabwean financial economist, Mr. Rungano Innocent Nyaude, one of the founding members of the Commerce Council, said the launch would bring brighter prospects of mutual benefit to both parties.
“The Zimbabwe Business Council in the UAE hopes to play a key role in developing Dubai-Zimbabwe business relations by bringing together Zimbabwean businesses operating in Dubai, creating an ecosystem of coordination and networking, which in turn will lead to the creation of further trade corridors between the two countries .UAE and Zimbabwe,” he said.
“The UAE is Zimbabwe’s second largest export destination market and through coordination with stakeholders, our mission is to play a role in strengthening the trade relationship between the two countries and expand the commercial footprint of Zimbabweans in the UAE.”
Looking ahead, the Dubai Chamber said the new business council should further strengthen the thriving trade relationship between Zimbabwean companies and the business community and other companies in the UAE, thereby boosting trade volumes between the two countries.
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