UAE and Angola to strengthen trade, investment cooperation

The Abu Dhabi Chamber of Commerce and Industry (ADCCI) has signed a cooperation agreement with the Angola-UAE Chamber of Commerce and Industry to foster cooperation, enhance economic relations, and create more investment opportunities for businesspeople, entrepreneurs, and investors in both countries.

The agreement was signed by Ahmed Khalifa Al Qubaisi, CEO of the Abu Dhabi Chamber, and Bráulio Mohammed Martins, President of the Angola-UAE Chamber of Commerce and Industry, in the presence of Julio Belarmino Gomes Maiato, Ambassador of the Republic of Angola to the UAE, and Masood Rahma Al Masaood, Treasurer of the Abu Dhabi Chamber, along a number of representatives of both sides.

On signing the agreement, Al Qubaisi said, “Our partnership with the Angola-UAE Chamber of Commerce and Industry aligns with our goals to strengthen cooperation between the Abu Dhabi and Angolan business communities, and to enhance trade between the two sides. The agreement also supports our efforts to provide more investment opportunities for entrepreneurs and businesspeople at both local and international levels.”

“This partnership is part of our strategy to actively contribute to enhancing the investment ecosystem in Abu Dhabi and increasing its competitiveness to attract foreign direct investments,” he added.

Bráulio Mohammed Martins, President of the Angola-UAE Chamber of Commerce and Industry, said that this cooperation is a resounding echo that further validates both nations as the foremost example of UAE-Africa relations, adding that business communities in both Angola and the UAE now have a powerful mechanism to promote, facilitate and execute economic and commercial cooperation.

“In addition to fostering a favourable business environment, the agreement promotes the establishment of creative and experimental joint venture initiatives and engagement designed to intensify the commitment to sustainability in both nations as well as improve quality of life,” Bráulio Mohammed Martins added.

Under the agreement, the two parties will collaborate to support Abu Dhabi Business Connect, the ADCCI’s business connectivity platform, by regularly providing information and investment opportunities. They will also promote the platform to their respective members to facilitate knowledge exchange and enhance trade and investment opportunities between Abu Dhabi and Angola. The cooperation agreement aims to support both sides’ efforts to conduct joint studies and exchange economic data on investment opportunities. Additionally, it seeks to facilitate the participation of both sides in international events, exhibitions, and commercial activities held in either Abu Dhabi or Angola.

According to the agreement, the activities of the two parties and their affiliated establishments will be promoted and marketed among members of both chambers. This includes promoting, supporting, and increasing investment opportunities across various economic sectors as well as exchanging trade delegations, participating in official missions, and organising joint events that benefit the business sectors in both countries.

Meanwhile last month he Ministry of Economy and the Abu Dhabi Chamber of Commerce and Industry (ADCCI) have issued a new joint paper revealing that trends project the growth and prosperity of digital trade activities in the UAE at a compound annual growth rate of 12.3 per cent between 2023 and 2028. The research showed that more than 40 per cent of consumers in the UAE relying on the “buy now, pay later (BNPL)” models and FinTech digital technology systems.

The paper titled “Introducing Trade by Modern Technological Means: Economic Outlook and Federal Decree-Law No. 14/2023 - BEI Research 360° Paper”, showed that digital trade in Abu Dhabi is witnessing remarkable growth. This comes in light of the ambitious visions and plans of ADCCI to enhance the private sector’s contribution to the local economy through innovation and digitisation, and to strengthen the position of the Emirate of Abu Dhabi as a leading destination for business and talent in the Middle East and North Africa (Mena) region by 2025.

The study provides valuable economic insights into the most prominent factors that contribute to driving growth in digital trade, including various economic and commercial activities and the effects of current policies and laws. It also provides a comprehensive historical overview of the digital trade movement across several local, regional, and global geographical levels.

Ahmed Khalifa Al Qubaisi, CEO of ADCCI, said, “The new research paper produced in collaboration with the Ministry of Economy serves to strengthen the Chamber’s position as a leading partner in the process of digital transformation in the business world. It aligns with the Chamber’s strategy for digital transformation, aimed at attracting talent and expertise, exploring technological solutions, and integrating advanced AI technologies and tools, such as Microsoft Copilot, into the current operational system at the Abu Dhabi Chamber.