May 23, 2023
2 mins read

Dubai Chambers inks trade deal with CGCC

Under the terms of the agreement, the two chambers will explore opportunities to boost knowledge sharing, increase mutual support on trade and investment missions…reports Asian Lite News

Dubai Chambers has welcomed a large business delegation from the Hong Kong-based Chinese General Chamber of Commerce (CGCC). As part of the visit, the two chambers signed an MoU aimed at bolstering economic cooperation.

Dr. Jonathan Choi, Chairman of Chinese General Chamber of Commerce, headed a 26-strong visiting delegation of senior Hong Kong businesspeople including investors, financiers, and realtors. The MoU, which was signed as part of the group’s three-day tour of the UAE, seeks to strengthen mutual ties between the parties with the goal of further enhancing business relations.

Under the terms of the agreement, the two chambers will explore opportunities to boost knowledge sharing, increase mutual support on trade and investment missions, and cooperate on participation in trade fairs, conferences, business matching events, and other networking activities.

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, said: “The trade visit was a great success, with the signing of an MoU heralding a new era in closer trade ties between Dubai and China. We shared with the delegation the Chamber’s vision, mission, goals, and activities, as well as some of the current challenges and opportunities facing the UAE business community.”

Commenting on trade opportunities, he added, “We have solid exports and imports between our nations, but can do more. We see great potential in importing more apparel, boats and parts, iron and steel, and textiles. In terms of exports, our data indicates there are opportunities for the UAE to export more ships and boats, textiles, gums and resins, and silk products to Hong Kong and China. From an investment perspective, we see some exciting opportunities in agriculture, manufacturing, the services sectors, and technology, which we hope this MoU will encourage.”

In February, Dubai International Chamber, one of the three chambers operating under Dubai Chambers, announced the opening of a new Hong Kong representative office as part of the ‘Dubai Global’ initiative. Launched by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, the initiative seeks to establish 50 representative offices for Dubai in five continents by 2030. Led by Dubai International Chamber, Dubai Global aims to attract foreign MNCs, SMEs, investors, and international talent to Dubai by showcasing the emirate’s competitive advantages, sharing investment intelligence, and boosting engagement with overseas stakeholders.

The UAE’s second-largest import from China is machinery, followed by vehicles and parts. After electronics, China mainly imports plastics, vehicles and parts, and machinery from the UAE.

Founded in 1900, the Chinese General Chamber of Commerce is one of the oldest and largest chambers in Hong Kong. It enjoys close ties with mainland China, particularly through its support for the Belt and Road Initiative and the development of the Guangdong–Hong Kong–Macau Greater Bay Area (GBA). Recently, the Chamber has focused on advancing the globalization of its members, a prospect which Dubai Chambers welcomes with the signing of the new MoU.

ALSO READ: IBM to invest $100 mn to build a 100,000-qubit supercomputer

Previous Story

‘Ghuspaith’  a tribute to Danish Siddiqui

Next Story

Siemens charges up e-mobility biz

Latest from Business

China Curbs Hit India’s Electronics Boom

The ICEA noted this results in delays, inefficiencies, and higher costs — alternatives from Japan or Korea cost up to four times more than Chinese machinery. India’s transformation into a global electronics

India Maps 8.52 MT Rare Earth Reserves

The Atomic Minerals Directorate for Exploration and Research (AMD) and the Geological Survey of India (GSI) are actively exploring and augmenting rare earth resources, while the GSI alone has added 482.6 million

‘India’s Digital Hub Ascends’

The event also featured discussions on the Quad Partnership for Cable Connectivity and Resilience, reiterating commitments made during the July 1 Quad Foreign Ministers’ Meeting India’s growing role as a key digital

India’s Job Market Surges

With hiring levels on the rise, compensation is expected to increase by 12-15% in metro cities and by 18-22% in emerging cities India’s festive season this year is poised to create more
Go toTop

Don't Miss

Dubai Chambers, Indian envoy explore trade, investment ties

A high-level meeting between Eng. Sultan bin Saeed Al Mansoori,