UAE-Luxembourg Business Forum explores new avenues for trade ties

Business Bureau, Gulf Today

Businesses in the UAE and Luxembourg can benefit by expanding their cooperation in key sectors of mutual interest, such as industrial, ICT, healthcare technologies, finance, Islamic banking and space sectors, according to officials speaking at the UAE-Luxembourg Business Forum.

A high-level delegation from Luxembourg led by Prince Guillaume and joined by ministers, government and business leaders, attended the forum, which was held earlier today at Dubai Chamber of Commerce and Industry’s headquarters.

Addressing delegates at the forum,  Prince Guillaume of Luxembourg said: “Over the past ten years, I have had the pleasure to visit the United Arab Emirates, more specifically Dubai, on a regular basis - and every time, I am impressed to see how this country and this city have progressed. It is good to see such a vibrant and dynamic community, which simultaneously cherishes its heritage. Combining tradition and economic development is something that we, in Luxembourg, are constantly aiming to achieve too.”

Etienne Schneider, Deputy Prime Minister, Minister of Economy, Minister of Health, Grand Duchy of Luxembourg said: “The UAE are already today the most important partner of Luxembourg in the Middle East in terms of trade and investment. The close and thriving partnership between our two countries will be further strengthened and developed with Luxembourg’s participation in Expo 2020 Dubai.”  

Schneider added that Luxembourg’s Expo 2020 pavilion would reflect the country’s values and strengths and promote open exchange between the Middle East and Europe.

In his opening address, Majid Saif Al Ghurair, Chairman of Dubai Chamber highlighted the many synergies shared by the UAE and Luxembourg as open economies that have transformed and grown rapidly over the decades. He noted that the two countries share a common vision guided by forward-looking strategies designed to diversify their economies, boost foreign trade and attract investors and companies from around the world.

Al Ghurair described the UAE-Luxembourg Business Forum as an ideal platform for the two countries to explore new avenues of economic cooperation and work towards partnerships that create mutual benefits and economic growth. He revealed that Dubai’s non-oil trade with Luxembourg increased 35 percent to $69 million in 2018, compared to 2013, adding that there is huge potential to expand the scope of bilateral trade in the future.

The forum featured also speeches and presentations from Pierre Gramegna, Minister of Finance, Grand Duchy of Luxembourg; and Mr. Carlo Thelen, Director General, Luxembourg Chamber of Commerce.

In addition, Omar Khan, Director of International Offices at Dubai Chamber, provided participants with an overview of Dubai’s economy and business landscape, as well as the various competitive advantages that is offers to foreign companies and investors.

Following the forum, business leaders from the UAE and Luxembourg participated in bilateral meetings where they explored concrete business prospects and partnership opportunities.

Meanwhile, a total of 18,260 new member companies joined Dubai Chamber in 2019, marking a year-over-year increase of 28%, while its total membership rose 9% over the same period, the non-profit public organisation revealed during its annual media briefing held earlier today.

Dubai Chamber achieved 96% smart transformation of its core services in 2019 as it processed nearly 1 million transactions electronically during the year. As a result of its smart transformation push, the Chamber recorded an 81% drop in visits to its branches last year.

Between 2016 and 2019, Dubai Chamber implemented 90% of its Dubai Paperless Strategy plans and saved 23 million papers, resulting in Dhs 50 million in cost savings. Following the introduction of smart attestation services in the first quarter of 2020, the Chamber expects its smart transformation rate to increase further to 98%.

Over 778,000 Certificates of Origin were issued by Dubai Chamber in 2019. The number of attestations increased slightly to 18,832 last year. A total of 5,784 ATA Carnets were issued and received in 2019, while the value of goods covered by these documents surged 78% to reach Dhs 5.7 billion in 2019. In addition, the value of Dubai Chamber member exports reached Dhs 226 billion.

Dubai Chamber organised and supported 58 business forums and events in 2019, which were attended by 7,721 participants (up from 54 business events and 6,217 attendees in 2018). A total of 1,077 bilateral business meetings were held in 2019, marking an increase of 49% from 724 meetings in 2018.