DUBAI: Dubai Chambers has unveiled new 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 and create new channels of economic cooperation between business communities in the emirate and promising markets around the world.

The announcement was made by Abdul Aziz Al Ghurair, Chairman of Dubai Chambers, who addressed more than 150 ambassadors, consul generals and commercial attachés at the Diplomatic Circle Dinner 2022.

The event was held at the Bulgari Hotel & Resort in Dubai in the presence of Juma Mohammed Al Kait, Assistant Undersecretary for International Trade Sector - UAE Ministry of Economy; Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers; and Issam Kazim, CEO of Dubai Corporation for Tourism and Commerce Marketing (DCTCM).

Al Ghurair called on ambassadors and members of the diplomatic community in the UAE to offer their support in establishing several new business councils that would provide the right platforms for businesses in the UAE 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. These councils will cover markets of strategic importance to Dubai and support us as we further expand our presence across Africa, Latin America and the Middle East and attract more companies and investment from these regions,” Al Ghurair said.

Al 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 revealed that Dubai Chambers would organise a special forum in 2023 to engage members of business councils, as well as representatives from embassies, consulates and foreign trade and commercial offices operating in the UAE and invited participants to attend the event.

He informed participants about important 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.

In addition, he thanked members of the diplomatic community for their vital support in assisting Dubai Chambers’ events, trade delegations and other activities in 2022, including its participation at Expo 2020 Dubai, which he says significantly contributed to the organisation’s success and achievements.

During his special remarks, Juma Mohammed Al Kait, Assistant Under-Secretary for International Trade Sector - UAE Ministry of Economy, elaborated on the UAE’s strategic plans to enhance the regulatory environment, open new export markets, adopt advanced technologies and ensure an ideal ecosystem for talent and entrepreneurs.

He stated 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 AED 1.4 trillion to AED 3 trillion 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 brighter, better future for all,” Al Kait said as he called on business communities from around the world to capitalise on market opportunities emerging in the country.

The UAE is also attracting a new generation of foreign direct investment to accelerate our industrial innovation ambitions. We are welcoming all forms of capital – technological and financial, Al Kait said, identifying healthcare, education, agritech, food production, fintech, financial services and advanced technologies as key target sectors for FDI.

He added that new residency rules applicable to golden visas and green visas, as well as upgraded laws related to commercial companies, employment and family-owned businesses will help ensure the UAE’s sustainable economic growth.

During a panel discussion held at the Diplomatic Circle Dinner 2022, the panellists shared their valuable insights and views on a wide variety of important matters, including cost of doing business in Dubai, the role of comprehensive economic partnership agreements in driving trade and existing support for local and international companies, in addition to new plans to streamline government services for companies in the UAE and abroad that aim to enhance ease of doing business.