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UAE and Africa explore USD 3.6 billion worth of export opportunities

The fifth edition of the Global Business Forum (GBF) has seen tremendous support between the UAE and Africa to increase business opportunities and strategic relationships. The countries' ties are rapidly increasing with the development, such as the expansion of direct flights, easing of visa restrictions, business confidence, regional integration, and economic reforms.

A recent analysis of trade potentials by Dubai Chamber of Commerce and industry found that there are vast export potentials from UAE to Africa, which valued at USD 3.6 billion. These values show a promising benefit to UAE companies who wants to capitalize on these opportunities.

Dubai’s ongoing efforts to create its position as a gateway to Africa have resulted in much fruitful cooperation between the countries. Many UAE companies have entered the African continent, while companies from Africa took benefits from the latest infrastructure and technology in UAE.

UAE is the major investment partner in Africa. The country is supporting Africa’s development by funding infrastructure and filling the market gaps in key economic sectors such as real estate, tourism, financial, logistics, and many more.

With the launch of the African Continental Free Trade Area (AfCFTA), the opportunities for bilateral trade between countries become easy, which will result in stronger economic relations and vast investment inflow from UAE to Africa.

Global Business Forum is the largest event of its kind to examine Africa’s economic potentials. The responsibility to make strong economic reforms in Africa needs talented entrepreneurs and tech-led startups, which are the keys to advance the economy. Realizing the need for the right guidance, the Dubai Chamber has introduced a new GBF Mentorship Program to help startups achieve growth, and guide them in the right direction.

Source : Bizmart
Posted on :2/3/2020