Abu Dhabi and Cuba to enhance trade and economic cooperation

Abdullah Mohamed Al Mazrouei, Chairman of Abu Dhabi Chamber of Commerce and Industry (ADCCI), and Antonio Carricarte Corona, President of the Chamber of Commerce of the Republic of Cuba, discussed boosting economic cooperation between the business communities of Abu Dhabi and Cuba.

During the meeting held at Expo 2020 Dubai, Al Mazrouei said that Cuba is one of the leading countries in the Caribbean and a vital investment hub, highlighting the considerable growth seen by UAE-Cuba economic relations across trade and investment.

He underscored the eagerness of the business sector in Abu Dhabi to explore features of Cuba’s trade and investment sectors and the need to coordinate between the Abu Dhabi and Cuban chambers and organise exchange visits and business meetings to develop and enhance business relations.

Al Mazrouei also highlighted the features of the business environment of Abu Dhabi, noting that the Emirate has become an important commercial hub for doing business thanks to the flexible legislative system and its advanced infrastructure.

The chairman emphasised the readiness of the chamber to provide all support to increase inter-trade rates and to create a suitable environment for businesses to grow, especially the business environments in both countries that focus on promising sustainable-economy sectors and to motivate creativity and technology, economic diversification and renewable energy.

For his part, Corona expressed his country’s interest in building trade, economic, touristic and investment relations between businesses in Abu Dhabi and Cuba, and underlined the great economic capabilities of both the UAE and Cuba, describing them as gateways to their respective regions.

He also underscored the opportunities the UAE is offering during Expo 2020 Dubai, which provides an excellent opportunity for businesses to leverage promising opportunities, especially in economic sectors of common interest.

Earlier in February the Abu Dhabi Chamber of Commerce and Industry (ADCCI) and Enterprise Armenia has signed a cooperation agreement to foster economic and trade relations between their members, form positive partnerships, and transfer technology, expertise and best practices.

Mohamed Helal Al Mheiri, Director-General of the Abu Dhabi Chamber, signed the agreement on behalf of the chamber, while Aram Vardanyan, Investment Director of Enterprise Armenia, signed the document on behalf of his organisation, at Expo 2020 Dubai.

Vahan Kerobyan, Armenia Minister of Economy, and a number of Emirati and Armenian officials attended the signing ceremony.

The newly signed agreement states that both sides shall share information about their respective markets and the policy, principles and laws on trade and investment for the benefit of both parties.

Both sides will also explore the possibilities of executing projects in various areas of economic and technical cooperation.

Commenting on the newly signed agreement, Al Mheiri said that the agreement asserts the continuous efforts of the chamber in cementing its partnerships with regional and international entities.

“The past few years, our relations with Armenia witnessed considerable development on all levels and that helped increase trade exchange and investments between Abu Dhabi and Armenian businesses,” he said, noting that the agreement will encourage exports and imports between the two sides.

Vardanyan expressed his pleasure at signing the agreement, emphasising the importance of exploring new mutual prospects of cooperation in diverse developmental sectors by increasing positive cooperation and seizing all the available investment opportunities of common interest.

He added that Armenia views Abu Dhabi as an attractive destination for its entrepreneurs, pointing out that the new agreement would open the doors for cooperation between the two countries. Meanwhile the Abu Dhabi Chamber of Commerce and Industry, in cooperation with Korea International Trade Association (KITA), have organised a Business Roundtable between Emirati and Korean businesses operating in the renewable energy and green hydrogen sectors, in line with the Abu Dhabi Sustainability Week 2022.

The business roundtable witnessed the attendance of Moon Jae-in, President of Korea, who is on an official visit to the UAE.

Suhail Bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, attended the meeting along with Abdullah Mohamed Al Mazrouei, Chairman of the Federation of UAE Chambers of Commerce and Industry and Chairman of Abu Dhabi Chamber, and Christopher Koo, Chairman of KITA.

WAM