Dubai Chamber discusses bilateral ties with Ethiopia trade mission

August 25, 2014 12:44 pm

Dubai Chamber of Commerce and Industry received a trade mission from Ethiopia seeking stronger bilateral ties with the emirate and to familiarise themselves with the world-class services and functioning of Dubai Chamber in serving the international business community.

The delegation, led by Mr. Shisema Gebresilassie, Head of Trade and Industry Development Bureau of Addis Ababa City Administration, was received by H.E. Majid Al Shamsi, 1st Vice Chairman, Dubai Chamber, at the Chamber premises on Sunday.

It also included Mr. Elias Geneti, President, and other Board Members of Addis Ababa Chamber of Commerce and Sectorial Associations.

In his welcome address, H.E. Al Shamsi said that trade is vital for Dubai which is an ideal business hub with excellent connections to markets across the Middle East, Africa and Asia. The emirate’s economy is growing and it is open to overseas investment.

”Presently there are 318 Ethiopian companies operating in the emirate and we hope that through our joint efforts and shared vision this number will increase and will bring our business communities closer together and in turn help drive our countries’ economies,” he said.

”Dubai’s relationship with Ethiopia strengthened last year with the opening of our first African international office in Addis Ababa which is helping to increase two-way business and investment between our two destinations,” added Al Shamsi.

Trade is a pillar of Dubai’s economy and an important indicator of our international partners. Ethiopia is Dubai’s 77th largest trade partner globally and the total non-oil trade with the country grew by 32%, from a value of AED 1.26 billion in 2012 to AED 1.66 billion in 2013, said Al Shamsi.

The 1st Vice Chairman of Dubai Chamber also informed the visitors about the Chamber’s range of services to support the business community in Dubai as well as through its overseas offices and online, through the International Business Network (IBN).

”We offer membership, documentation and legal services including contract drafting, mediation and arbitration while we also organise several high profile events each year, such as the 10th World Islamic Economic Forum and the Africa Global Business Forum,” said Al Shamsi.

Mr. Shisema Gebresilassie, Head of Trade and Industry Development Bureau of Addis Ababa City Administration, stated that the trade volume between Ethiopia and the UAE increased by over 50% since 2005. Ethiopia offers immense investment opportunities and is seriously working at enhancing business ties for the benefit of both the countries, he said.

Addis Ababa is the seat of the African Union and the United Nations Economic Commission and like Dubai is a hub for the international business community. Its three main sectors including services, industrial and agriculture hold a lot of potential for overseas investors, he added.

On his part, Mr. Elias Geneti, President, Addis Ababa Chamber of Commerce and Sectorial Associations, added that Dubai’s close proximity to Ethiopia, especially Addis Ababa, and easy flight connectivity are the main reasons for the existing bilateral ties between the two countries and is also helping Dubai to reach out to the Common Market for Eastern and Southern Africa (COMESA).

The opening of the Dubai Chamber office is directly helping us build business relations, make fruitful contacts and explore newer areas of co-operation, he said adding that Ethiopia is very keen to learn from Dubai’s model of attracting big global corporates and organisation of international trade fairs and exhibitions.

A Dubai Chamber presentation provided the visitors with the emirate’s achievements and its ambitious strategies and projects leading up to the hosting of Expo 2020. At the conclusion of the meeting, the delegates were given a tour of Dubai Chamber premises and were also familiarised with the services and functioning of the Chamber’s various departments.