Dubai, Indonesia to strengthen bilateral trade and investment

Dubai International Chamber, one of the three chambers operating under Dubai Chambers, has inaugurated a new international representative office in Jakarta, Indonesia. The launch brings the chamber’s total number of global offices to 18 across Africa, Latin America, Eurasia, India, and China.

The strategic step comes as part of the ‘Dubai Global’ initiative, which was launched by Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, with the goal of establishing 50 integrated commercial representative offices worldwide by 2030.

The offices will attract foreign investment, talent, and new business to Dubai and reinforce the emirate’s position as one of the world’s leading commercial hubs, while also enabling Dubai-based companies to expand their businesses in 30 priority markets overseas.

The office was officially inaugurated during a special ceremony in Jakarta with the participation of Bahlil Lahadalia, Minister of Investment for Indonesia; Ahmed Ali Al Sayegh, Minister of State to the UAE Cabinet; Husin Bagis, Ambassador of the Republic of Indonesia to the UAE; Abdulla Salem Al Dhaheri, Ambassador of the UAE to the Republic of Indonesia; Bernardino Vega, Vice Chairman of International Relations at the Indonesian Chamber of Commerce and Industry; and Hassan Al Hashemi, Vice President of International Relations at Dubai Chambers.

Ahmed Ali Al Sayegh, Minister of State to the UAE Cabinet, stated: “The establishment of this representative office signifies our shared commitment to strengthening ties between our two friendly countries. I would encourage Indonesian companies both large and small to draw upon the resources, knowledge, and commitment offered by Dubai Chambers in supporting their investment and trade goals. Through the establishment of new partnerships, we can continue to make substantive progress in our shared endeavour to create a more prosperous and sustainable future.”

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented: “Indonesia remains a key strategic market for us, and this move creates a crucial platform for building cross-border partnerships with one of the world’s largest economies.”

“We will continue to work together to build momentum for further growth in trade and investments and leverage the CEPA agreement to achieve significant expansion in exports and imports between the two markets,” Mohammad Ali Rashed Lootah added.

Last year, Indonesia and the UAE signed a Comprehensive Economic Partnership Agreement (CEPA), heralding a new era of strategic cooperation.

The agreement aims to enhance bilateral trade between the two countries and increase its total value from around Dhs11 billion in 2021 to Dhs36.7 billion annually within five years.

The two nations have eliminated or will gradually reduce tariffs for almost 99 per cent of their commonly traded commodities.

According to statistics from Dubai Customs, Dubai’s non-oil trade with Indonesia reached Dhs11.9 billion during 2022, representing an impressive year-on-year growth of 26.6 per cent.

The launch of the Indonesia representative office will create new opportunities for exporters and companies in both countries.

The number of Indonesian companies registered with Dubai Chamber of Commerce stood at 192 at the beginning of this year, having grown by an impressive 204.8 per cent since 2016. Dubai International Chamber aims to strengthen an already robust commercial relationship by identifying and capitalising on new trade and investment opportunities in key sectors including apparel, cocoa butter, aluminium, and agribusiness.

As part of Dubai Chambers’ ongoing efforts to attract companies to the emirate, the visiting delegation met with ten multinational corporations in the logistics, software & technology, and pharmaceutical sectors.

The team in Indonesia will focus its efforts on building strong relationships with key public and private sector stakeholders, as well as supporting Indonesian companies to enter the Dubai market and expand internationally through the emirate.

The Jakarta office will also create new channels for communication and economic cooperation between UAE and Indonesian businesses, in addition to working with partners in Indonesia to jointly organise networking events, business seminars, and business matching.

Dubai International Chamber one of three chambers operating under the umbrella of Dubai Chambers, was established to promote Dubai as a global business hub, attract multinational companies and expand the emirate’s trade ties with promising markets.

The Chamber has a mandate to meet His Highness Sheikh Mohammed’s ambition to increase Dubai’s foreign trade from Dhs1.4 trillion to Dhs2 trillion by 2026.