Dubai, Slovenia Pursue Stronger Bilateral Trading Ties

The Dubai Chamber of Commerce and Industry in cooperation with the Chamber of Commerce and Industry of Slovenia organised the UAE-Slovenia Seminar, at the Chamber premises.

The seminar was attended by H.E. Sultan bin Saeed Al Mansouri, UAE Minister of Economy, H.E. Zdravko Pocivalsek, Minister of Development and Technology – Republic of Slovenia, H.E. Majid Saif Al Ghurair, Chairman, and H.E. Hamad Buamim, President and CEO, Dubai Chamber, as well as a 200 strong high-level government and business delegation from Slovenia and a cross section of business representatives from the UAE.

In his special address, H.E. Sultan bin Saeed Al Mansouri stated that the UAE and the Republic of Slovenia are witnessing an evolving economic landscape and have an extraordinary opportunity to take their bilateral relationship to the next level and help each other make a more positive and profound impact on the global economy.

H.E. Al Mansouri further stressed that the UAE is fully committed to constantly expanding its economic relations with Slovenia in light of its policy of economic openness and commitment to enhance trade relations with the European continent. Also, Slovenia’s geographic location in the middle of Europe, makes it an ideal gateway to enter some of the most lucrative European markets.

“In recognition of Slovenia’s prime importance as an economic partner, the UAE has entered into various accords with its government such as a bilateral agreement avoiding double taxation on income and has co-signed an agreement to reinforce economic and technical cooperation in order to establish the institutional and legal framework of joint economic, trade and investment relations and pave the way for further cooperation relations between the two countries,” said H.E. Al Mansouri.

The UAE Minister of Economy pointed out that non-oil trade between the UAE and Slovenia last year was USD 63.4 million, in addition to USD 38.6 million driven by free zone activities. These figures do not do justice to our true potential as economic partners, though; there is indeed huge opportunities for further growth thanks to the promising investment opportunities in the areas of tourism, infrastructure, transport, investments, information technology, and innovation, which the two sides are capable of building into a productive partnership.

H.E. Al Mansouri added that seminar reinforces the efforts of both the sides in deepening trade ties between their private sectors while enhancing their trade and investment flows to usher in a new era of friendship, growth and cooperation for Slovenia and the UAE.

He also said that the UAE is particularly committed to assisting small and medium-sized enterprises and the country’s priority in its next phase of development is to increase cooperation and exchange experiences for its economic growth by diversifying and transforming into a knowledge-based economy.

Welcoming the delegation, H.E. Majid Saif Al Ghurair, Chairman, Dubai Chamber, stressed on Dubai investors’ desire to enhance bilateral relations with the Slovenian business community as the country serves as a strategic gateway to the emerging markets of Central and Eastern Europe.

He further stressed that Slovenia is an important trade partner for Dubai as the emirate’s non-oil trade with the country has grown substantially over the last five years to reach AED 352 million in 2015, while there are four Slovenian companies registered with Dubai Chamber.

“Also, Dubai Chamber members’ exports to Slovenia grew to AED 98 million in 2015, from AED 15.2 million in 2011 and this seminar will help increase these numbers in the future while building stronger bilateral relations between the two countries,” he said.

The Chairman of Dubai Chamber added that Dubai is a gateway for doing business with other GCC countries and key markets across Africa, Asia and other regions. With a vibrant investment environment, modern infrastructural and logistics facilities and access to over 2 billion consumers in the region, Dubai serves as a unique hub which Slovenian companies can benefit from, he said.

In his presentation on Dubai Economic Outlook and Dubai Chamber services, H.E. Hamad Buamim, President and CEO, Dubai Chamber, stated that the Dubai Strategic Plan 2020 constitutes a starting point for wide efforts to enhance the sustainable development of the emirate, adding that trade is the largest contributor of Dubai’s GDP, and this leading economic driver can help improve trade relations with Slovenia.

The President and CEO of Dubai Chamber informed about the availability of joint investment opportunities in the areas of trade, tourism, logistics and transport, sustainability and renewable energy which he said can benefit investors from both sides.

On his part, H.E. Zdravko Pocivalsek, Minister of Development and Technology – Republic of Slovenia said: “Our visit to the UAE is very important for strengthening the traditionally good ties between Slovenia and the UAE and to continue what we have started last year. This is our first-ever Trade & Investment Mission to the UAE with an aim to develop commercial networks and trade with UAE partners and the Slovenian international trade delegation.

“We do hope that this will be the first step to bring bigger trade and investment opportunities for both countries. The purpose of the visit is to develop commercial networks and trade for mutual benefit with UAE partners. Following the success of this first and historical trade mission to the country, I am confident that a new era of trade development between our two countries will blossom and grow across a number of key economic and technological sectors,” added H.E. Pocivalsek. Following the seminar, a number of B2B meetings were held between businesses from Slovenia and their UAE counterparts in the areas of engineering, energy, interior design, food products and services, ITC, tourism and agriculture.

Slovenia offers a gateway for investment and trade to half a billion consumers’ markets in the region of Central, Eastern and South-Eastern Europe, as the country is located in the heart of Europe, bordering Austria, Italy, Hungary and Croatia.