DCCI plans to set up trade representative office in Addis Ababa, signs MoU with AU
WAM Dubai, May 20th, 2012 (WAM)--Dubai Chamber of Commerce and Industry (DCCI) has announced it is planning to open a representative office by the end of the year in Addis Ababa.
The announcement follows the successful conclusion of the DCCI Trade Mission to Ethiopia from May 15 to 17. Thirty Dubai delegates and 200 participants attended the UAE-Ethiopia Business Forum held in Addis Ababa on the second day of the Dubai Chamber Trade Mission to Ethiopia which sought enhanced bilateral ties with the African country.
Hamad Buamim, Director General, Dubai Chamber, stated that the trade mission, which came as part of Dubai Chamber's strategy to explore promising markets for its members, was highly successful as Ethiopia with its close proximity to Dubai is an ideal destination for the emirate's businesses as it offers ample opportunities in agriculture, construction, hospitality and tourism sectors.
He stressed that selecting Ethiopia, which is the fifth largest economy in Africa and poised to become the third largest in the next 10 years, was not done randomly but the choice is based on a lot of research and studies as Dubai can play a strategic role as a gateway for Ethiopian exports in the GCC and Middle East region, South East Asia and Europe. .
Dubai Chamber also revealed the plans for signing of a Memorandum of Understanding (MoU) with the African Union during the Eastern African Community (EAC) Forum in Dubai in October, which will inform the business community of Dubai about the investment potential of the African countries, while allowing both sides to discuss joint cooperation in areas of mutual interest.
"Agreeing to sign a MoU with the African Union shows the commitment of both sides, while the move particularly reinforces the status and high reputation enjoyed by the emirate as the benefit of the agreement can be reaped by Dubai's business community first," Buamim added.
The opening of the representative office will be the first in a series of Dubai Chamber plans to explore business opportunities for its members in new and untapped markets to enhance their competitiveness in lucrative business destinations of the world.
The announcement is heralded as a positive outcome of the trade mission organised by Dubai Chamber in association with the Ministry of Foreign Affairs, the UAE Embassy in Ethiopia, Addis Ababa Chamber, and the Ethiopian Consulate in Dubai. The delegation visited a flower farm and a Turkish textile factory and explored investment opportunities in these areas.