(MENAFN- Khaleej Times) As a safe and well-connected global commercial hub and a lifestyle destination Dubai is witnessing a surge in trade and investment inflows, and bridges are being built to new and emerging markets around the world, Sami Al Qamzi, director-general, Department of Economic Development, or DED, said on Sunday.
Addressing a trade forum "Connecting with Ecuador," Al Qamzi said Dubai, which is passing through an eventful phase, is determined to leverage its connectivity, infrastructure and ease of doing business "to enhance economic diversification, open new trade channels, and grow sustainably."
Sami Al Qamzi and Kabalan Abisaab addressing the forum. Right, Engineer Mahmood Al Bastaki and other participants at the event held in Dubai on Sunday. - KT photo by Leslie Pableo
"The real picture of Dubai as a modern, cosmopolitan, safe and well-connected commercial hub and a lifestyle destination with a 'can-do' attitude is now emerging clearer," Al Qamzi said at the first trade forum focussing on Ecuador, which was organised by ProEcuador, the trade and investment promotion organisation of the country.
"Dubai's foreign trade during the first six months of 2013 reached Dh679 billion, way beyond expectations and a 16 per cent higher than the first half of 2012.
A 22 per cent increase in exports and re-exports rising by 13 per cent were chiefly behind trade gaining further traction in Dubai in 2013 after an overall 13 per cent growth in 2012. Improvements in infrastructure and the regulatory sphere are definitely providing further attractions for more people, and trade from new countries and territories to be in Dubai," said Al Qamzi.
He said in recent years Dubai has moved closer to Latin America, East Africa, Europe and Central Asia while also building on its existing ties in the Middle East, North Africa and South Asia.
"Dubai's trade with Latin America accounts for only 1.5 per cent of the emirate's total foreign trade now but there exists vast potential for stronger bilateral engagement," he said.
Al Qamzi said trade between Ecuador and Dubai, which is currently at around Dh52 million, has witnessed a sharp rise since 2010, pointing to a dynamic future. "Dubai's exports and re-exports account for around 80 per cent of its total trade with Ecuador. Exports from Dubai to Ecuador have grown 60 per cent during the past three years while imports grew threefold. Aiming at a target proportionate to Ecuador's share in the total gross domestic product, or (GDP) of Latin America can lift bilateral trade between Dubai and Ecuador by at least 50 per cent over the current volumes," Al Qamzi said in his keynote address to the forum that drew delegates from more than 150 companies.
Kabalan Abisaab, Ecuador's ambassador said the outcome of the well attended forum underscored the level of interest of the UAE business community in exploring trade and export ties with Ecuador. "The forum has helped us connect Ecuador with the local businesses on an enhanced level and we look forward for future opportunities to work together towards the success of our relations," said Abisaab.
Ecuador, one of the fastest growing economies in South America, is gaining ground in the UAE as one of its key trade partners.
Ecuador's imports from the UAE grew on an annual average of 56 per cent from 2008 to 2012, while Ecuador's exports to UAE posted an annual average growth of nine per cent during the same period. In 2012, the total exports of the UAE to Ecuador amounted to $34.6 million whereas; the total non-oil imports of the UAE from Ecuador accounted $4.9 million. Hussam Hassan, head of the Ecuadorian Commercial Office in the UAE, said the response received through the forum, particularly from the government, reflected the growing need for both countries to further improve and strengthen not only trade relations and strategic partnership but also our bilateral frameworks.
Topics presented at the forum covered Ecuador's vast business opportunities, including the introduction of an array of quality Ecuadorian products which local companies can launch in the local market.
Globally known for its high quality products such as fruits, coffee, chocolates, wood and flowers, Ecuador is capable of meeting the unique needs of the UAE and the region.
Engineer Mahmood Al Bastaki, chief executive officer, Dubai Trade FZE, presented his organisation's role in connecting UAE companies to Ecuador in terms of trade procedures for exporters and importers on both sides.
Prasad Katta, Western Union Business Solution's regional director for Middle East & Africa, presented various effective payment solutions for trading with Ecuador. "'Connecting with Ecuador' event is an excellent platform to exchange business opportunities and forge stronger ties between the trading communities in Ecuador, Dubai, and the surrounding GCC region," said Al Bastaki.
"Dubai is an ideal base for Ecuadorian businesses to access GCC, MENA and Indian subcontinent markets due to its extensive infrastructure and diversified economy which opens the doors to significant investment opportunities.
"UAE and particularly Dubai always welcomes Ecuadorian companies to enter its market, via a multitude of sectors such as: trade, logistics, construction and real estate, tourism, and financial services. The establishment of ProEcuador would help local companies to expand in Ecuador and vice versa. Dubai Trade FZE is glad to be part of today's function and my special thanks to PROECUADOR for extending the invite to share the possible ways to promote mutual cooperation between UAE and Ecuadorian companies."
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