Dubai is increasingly focusing on new markets in Latin and South Americas and Caribbean countries as the old markets are increasingly getting stagnant, officials said.
Majid Saif Al Ghurair, chairman, Dubai Chamber of Commerce and Industry, said old economy is getting stagnant and no growth is coming from those market.
“So we look at how to establish relations in new markets. In April, we are taking forum to Latin America which will be helpful for us to explore new markets,” he said while addressing the UAE & Caribbean Cooperation Forum on Sunday.
Dubai Inc. such as Emirates airline and DP World are increasingly looking at new markets as the world increasingly shifting towards a global village, creating more opportunities.
Sultan Ahmed bin Sulayem, group chairman and CEO DP World, said trade is the main connection between countries and Caribbean has been a very important route for trade. He called for lesser protectionist policies that prohibit trade with other countries.
“DP World is an international company that invests around the world. For example, we went to Dominican Republic for the port. We found opportunities in logistics and developed logistics sector in a big way. Wherever we go, we like to add value. For example, in Dominican Republic there is a lot of transshipment but transshipment doesn’t give value to economy. But we used Dubai example to add value and now Dominican Republic is changing from transshipment to exporting country, like Dubai,” bin Sulayem said.
Among other high-profile speakers, Sultan Al Mansouri, UAE’s Minister of Economy, said energy, infrastructure, technology and tourism, financial services and mining are some of the sectors that the two parties can benefit from each other’s experience. Trade between the UAE and Caribbean has been robust as the non-oil trade in 2017 reached $383 million as compared to $267 million in the previous year, an increase of 43 per cent.
“The UAE has always been a preferred destination for foreign investment and is ranked 30th most attractive destination by Unctad. Given the changing global economy, it is imperative for both the parties to cooperate in Artificial Intelligence, 4th Industrial Revolution, space and technology sectors. The time is right to explore strategic partnerships. Also, renewable energy has been heart at the Caribbean trade ties because Caribbean countries have vast renewable resources that can provide social and sustainable developments,” he said while addressing the attendees of the forum.
Earlier, Reem Al Hashimy, UAE Minister of State for International Cooperation and Director General, Dubai Expo 2020 Bureau, said many Caribbean countries have confirmed their participation for the Dubai Expo 2020.
“The Expo team is currently engaged with all your countries to discuss participation and I would like to express my appreciation to the many countries that have already confirmed their presence and have begun curating their thoughts and perspectives on how to best avail the opportunity Expo affords,” Al Hashimy told the inaugural UAE & Caribbean Cooperation Forum held in Dubai on Sunday.
She hoped that Expo 2020 will be catalytic across all forms of international cooperation.
She pointed out that a UAE Caribbean Renewable Energy Fund has been launched, supporting 16 countries. “We have joined hands against the impact of climate change, fought the wrath of Hurricane Irma and joined up our technical teams to assess the integration of resilience measures in development work,” Al Hashimy added.