Dubai Chamber Seeks Stronger Bilateral Trade Ties With Belgium

The Dubai Chamber of Commerce and Industry in collaboration with the Chamber of Commerce & Industry of Antwerpen-Waasland, Belgium, organised a business meeting in the presence of H.E. Philippe Muyters, the Flemish Minister for Work, Economy, Innovation & Sport, at the Chamber head office.

H.E. Majid Saif Al Ghurair, Chairman, and Board Members of Dubai Chamber including H.E. Raja Al Gurg, Board Member of Dubai Chamber and President, Dubai Business Women Council, H.E. Sofi Saleh, H.E. Faiza Al Sayed, Easa Al Bastaki, President, University of Dubai as well as other officials and directors of the Chamber were present at the meeting.

With over 60 delegates attending, the business meeting was also attended by Thomas Pollet, Deputy Chief of Cabinet & Spokesman, Ms. Cathy Berx, Governor of Antwerp, H.E. Dominique Mineur, Belgian Ambassador to the UAE, Stéphane Verbeeck, President, and Luc Luwel, CEO of Voka Chamber of Commerce and Industry Antwerp – Waasland.

In his welcome address, H.E. Al Ghurair informed that both Dubai and Belgium are very keen to take their bilateral trade ties to a higher level as is evident from the frequent meetings between the two sides.

“Last year, we organised the UAE-Belgium forum in Dubai as part of an economic mission led by H.H. Princess Astrid and a delegation of ministers as we fostered stronger cooperation and encouraged two-way investment across key sectors, including trade and tourism and also signed two important agreements with chambers of commerce to enhance bilateral trade and to explore joint ventures.

“With your visit, we hope to build on these efforts and pave the way for increased collaboration and new economic growth as Belgium is Dubai’s 11th largest trading partner and both sides enjoy strategic geographic position, a supportive environment for businesses and investors, as well as thriving economies supported by global trade,” said H.E. Al Ghurair.

He added that Belgium boasts a highly developed transport network and diversified industrial and commercial base which Dubai stands to benefit from while Dubai, which has become the world’s third largest re-export hub, offers strategic position for Belgian companies to expand their reach to new customers across Asia and Africa.

The Chairman of Dubai Chamber also said that the emirate offers a business-friendly environment, well-known Free Zones that offer low import duties, no capital gains tax, and more benefits and opportunities while Expo Dubai 2020 presents great opportunities for Belgian companies already operating in Dubai while attracting new Belgian investors to the emirate.

Dubai’s non-oil trade with Belgium nearly doubled over the last six years to reach $8.5 billion in 2015 accounting for a majority of the country’s non-oil trade with the UAE while there are 237 Belgian companies among Dubai Chamber members.

H.E. Philippe Muyters, the Flemish Minister for Work, Economy, Innovation & Sport, stated that the UAE and Flanders have enjoyed an excellent relationship for many years as both the sides believe in each other’s strengths and reliability.

“The UAE is a very important business partner to our Flemish companies as last year the country emerged as the 15th most important export market to Flanders surpassing the record of 2014. Currently, Flanders is the 19th most important importer to the UAE,” said H.E. Muyters.

He added that there are a great deal of economic ties between the two countries as a lot of Flemish companies are active in this region and have great experience and a long tradition in doing business in Dubai while there is a lot of interest by Emirati businesses to invest in Flanders.

“Therefore, I strongly believe that there is an even brighter future ahead of us to enhance and strengthen our collaboration through our Chambers of Commerce which play a crucial role in boosting trade ties between the two sides,” he said.

On its part, Dubai Chamber also provided an overview of Dubai Economy – Prospects & Outlook to the visiting business delegates.