The Dubai Chambers has developed plans to establish new country-specific business councils operating in Dubai and expand their roles to support ongoing efforts to boost Dubai's non-oil foreign trade, announced Chairman Abdul Aziz al-Ghurair.
Speaking at the Diplomatic Circle Dinner 2022 in Dubai, Ghurair called on 150 ambassadors, consul generals, and commercial attachés to cooperate to establish new business councils representing investors from their home countries that would provide the right platforms for businesses in the United Arab Emirates and abroad to connect, collaborate and build mutually beneficial partnerships.
"We are putting a new comprehensive framework into place that will restructure and expand the role of business councils in Dubai to boost its foreign trade and promote cross-border business opportunities for member companies," Ghurair said.
The councils will cover markets of strategic importance to Dubai, support expanding its presence across Africa, Latin America, and the Middle East, and attract more companies and investments from these regions.
Ghurair encouraged existing business councils to leverage Dubai International Chamber's vast network of international offices to their benefit, operate more effectively, and provide their members access to attractive growth opportunities in the UAE and abroad.
He stressed that the goal is to form new business councils for countries not currently represented in the business councils system.
The councils would be concerned with developing relations, ties, and joint economic partnerships and upgrading them to meet Dubai's aspirations, goals, and strategic economic visions and the countries represented by these councils.
Ghurair informed participants about critical economic developments and several new initiatives and functions introduced by Dubai Chambers aligned with its new strategic priorities that aim to enhance the business environment and economic competitiveness in Dubai.
Addressing the event, Assistant Under-Secretary for International Trade Sector at the Ministry of Economy Juma al-Kait stressed that the UAE is building a modern economy as a global hub for trade and foreign investment in line with the government target of doubling the size of the economy from $381 billion to $816 billion by 2030.
He highlighted the importance of bilateral trade deals and comprehensive economic partnership agreements signed between the UAE and leading economies in accelerating trade, strengthening supply chains, creating investment opportunities, and boosting innovation.
"The UAE is ready - more than ever - to do business with the world and form mutually beneficial partnerships that promise a brighter, better future for all," Kait said as he called on business communities from around the world to capitalize on market opportunities emerging in the country.
The UAE is also attracting a new generation of foreign direct investment to accelerate industrial innovation ambitions.
"We are welcoming all forms of capital – technological and financial," said the official, identifying healthcare, education, agritech, food production, fintech, financial services, and advanced technologies as crucial target sectors for FDI.
He added that new residency rules applicable to golden and green visas and upgraded laws related to commercial companies, employment, and family-owned businesses would help ensure the UAE's sustainable economic growth.