During its first year, the initiative organised seven trade missions and delegations to 11 markets across three continents, including Asia, Africa, and Europe….reports Asian Lite News
Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, successfully enhanced growth and expansion opportunities for companies operating in the emirate by organising more than 1,800 bilateral business meetings during 2023 as part of ‘New Horizons’ initiative, which was launched by the chamber in March last year.
During its first year, the initiative organised seven trade missions and delegations to 11 markets across three continents, including Asia, Africa, and Europe. The markets covered during the trade missions included Uzbekistan, Kazakhstan and Kyrgyzstan in Central Asia; Rwanda and Kenya in East Africa; and Cote d’Ivoire and Nigeria in West Africa. In addition, delegations participated in specialised exhibitions in the United Kingdom, South Africa, Hong Kong, and Germany.
Since launching, New Horizons has arranged over 1,800 bilateral business meetings between Dubai-based companies and their private sector counterparts in priority markets. The meetings enabled companies to explore partnership and collaboration opportunities, either by enhancing bilateral trade or establishing a presence in the targeted countries.
Through New Horizons, Dubai International Chamber actively supports the objectives 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 aims to support Dubai-based companies in exploring new economic and trade opportunities in 30 priority markets around the world. Additionally, it aims to establish a powerful network of 50 representative offices worldwide to help attract international investments, companies, and talent to Dubai.
New Horizons connects Dubai-based companies with the right stakeholders and potential business partners in targeted countries by organising specialised trade missions and delegations that bring companies from the emirate to promising global markets. During these missions, events and bilateral business meetings are held to explore investment opportunities and potential economic partnerships.
The initiative equips participating companies with valuable economic data and strategic insights about the targeted market. It also introduces the country-specific regulations relating to company set-up processes, franchising, investments, and partnerships, in addition to outsourcing and diversifying trading partners to ensure businesses are ready to access new markets and maximise their opportunities for success.
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented, “Dubai is continuing to enhance its position as a leading hub for international business and trade thanks to the vision of the wise leadership and the emirate’s numerous competitive advantages, including its favourable business environment, modern policies and regulations, economic openness, and close trade relations with countries worldwide. This reflects positively on the sustainable growth of the national economy and the enhanced role of the private sector in comprehensive economic development.”
He added, “Through our various programmes and initiatives, we are committed to increasing foreign trade to achieve the ambitions of the Dubai Economic Agenda (D33). Dubai International Chamber has identified a group of lucrative international markets for the emirate’s companies by conducting comprehensive studies for each market while monitoring the opinions and ideas of the local private sector. Dubai-based companies are expanding into these markets through an integrated strategy that includes organising trade missions and delegations – these have created exciting opportunities for the private sector to build a global network of promising business relationships and sign diverse agreements in multiple foreign markets.”
In 2023 alone, Dubai International Chamber successfully supported the expansion of 77 companies operating in Dubai into various global markets, representing an increase of 756% compared to the previous year.
The first roadshow under the New Horizons initiative took place in March and targeted Central Asia, with visits to Uzbekistan, Kazakhstan and Kyrgyzstan. In early November, the chamber organised a roadshow to East Africa, focusing on Rwanda and Kenya. This was followed by a roadshow to West Africa at the end of the same month, which visited Cote d’Ivoire and Nigeria.
During the first half of the year, the chamber led two trade delegations to the Retail Technology Show in London in April and SAITEX in Johannesburg in June. Two trade missions were arranged in September and October for delegations participating in the Jewellery & Gem World Show in Hong Kong and Anuga 2023 in Cologne, Germany, which is the world’s largest F&B trade fair.
New Horizons builds on the success of the ‘In Focus’ initiative, a platform for Dubai businesses and member companies to boost engagement with public and private sector leaders and support their plans to expand into key strategic markets. It offers comprehensive briefings on business opportunities, economic potential, and market entry strategies in countries targeted by the New Horizons initiative
ALSO READ: WTO Hails UAE’s Trade Liberalisation