Sultan Bin Saeed Discusses Cooperation with COMESA

Minister of Economy, Sultan Bin Saeed Al Mansouri, has voiced the UAE's full support to the forthcoming Africa Global Business Forum 2013 to be hosted by Dubai on 1st May, 2013. The forthcoming 2-day forum will be organised by the COMESA Regional Investment Agency (RIA), an offshoot of the Common Market for Eastern and Southern Africa (COMESA), and the Dubai Chamber of Commerce and Industry.

Al Mansouri made his remarks as he met with the Secretary-General of COMESA, Sindiso Ndema Ngwenya who is leading a delegation to the UAE. He urged African businesses to tap the UAE's economic progress and expertise in sectors such as infrastructure and development. The Minister also voiced the UAE's interest in building strong economic relations with African strategic partners which offer lucrative investment opportunities.

Economic relations with African countries should move on to new venues other than oil trade, he stressed, citing agriculture and food industry as potential vital sectors to be explored. He also noted that the UAE national carriers now cover a large number of destinations in Africa enabling investors from the UAE and Gulf countries to explore and promote African markets. For his part, Ngwenya stressed that the UAE is among COMESA's major markets, and described the African continent as the ideal and safe destination for future investments to guarantee food and water security for many countries.

The Africa Global Business Forum 2013 will offer a platform to over 2,000 policy-makers and global business leaders from Africa, the GCC, Asia and Europe and beyond to discuss current challenges and business opportunities in finance, agribusiness, logistics, and trade across the economic blocs of the Common Market for Eastern and Southern Africa (COMESA), the East African Community (EAC), the South African Development Community (SADC), the Indian Ocean Commission (IOC), the Economic Community of West African States (ECOWAS), Economic Community of Central African States (ECCAS), Intergovernmental Authority for Development (IGAD) and the African Union (AU).

The Forum will highlight the UAE's Dubai's strategic role as a world-class hub for doing business with Africa. The UAE government has shown great interest in expanding business with the continent seizing opportunities available on the African continent, with an estimated US$97bn in capital expenditure on the continent in the last 10 years.