Dubai – MENA Herald: H.E. Hamad Buamim, President and CEO, Dubai Chamber of Commerce and Industry, called upon UAE businesses to benefit from the Chamber’s strategy of exploring investment opportunities in promising markets of Africa in general and Mozambique in particular which he said offers immense business potential to UAE investors.
Stressing further on the rewarding sectors, H.E. Buamim highlighted agriculture, infrastructure development, hydrocarbons, manufacturing, mining and tourism as promising areas of investment for joint cooperation between Dubai businesses and their Mozambique counterparts.
H.E. Buamim was speaking during the Country Focus Briefing: Republic of Mozambique organised by Dubai Chamber in cooperation with the Embassy of Mozambique in the UAE as part of the Chamber’s strategy to explore emerging markets for its members while enhancing their competitiveness in new markets of the world.
The briefing, held at the Chamber premises on Tuesday, was attended by H.E. Francisco Elias Paulo Cigarro, Ambassador of the Republic of Mozambique to the UAE, and over 100 representatives of UAE and Mozambique companies.
The President and CEO of Dubai Chamber informed that Mozambique is an important trade partner for Dubai in Africa as a lot of synergies exist between the two sides. A 500% increase in trade between 2004 and 2014 is a proof of this as the non-oil trade between Dubai and Mozambique increased from close to AED 190 million in 2004 to AED 1.02 billion in 2014, he said.
“Mozambique, for us, is not only an open door to a population of over 23 million, but also to over 250 million consumers in the wider Southern African Development Community. In our quest to increase our footprint in the continent, Dubai Chamber is finalising its preparations for opening a representative office in Mozambique during the first quarter of next year,” said H.E. Buamim.
He urged Dubai’s business community to utilise the services of this new office to expand in the Mozambican and South East African markets and positively impact two-way trade and investment between the two countries.
Stressing upon Dubai’s status as a gateway to the regional markets, H.E. Buamim added that the emirate can play a major role in Mozambican investment flows to the region while providing world-class logistical and infrastructural facilities to promote Africa’s trade with the world through Dubai as he affirmed the Chamber’s commitment to offer all support to the country to establish strong bilateral partnerships with the emirate in the long run.
He also assured Mozambique businesses about Dubai’s diversified economy which he said is based on its strong economic pillars of trade, tourism, logistics and financial services and offers strong investment potential to foreign investors, especially those from the overall African continent who want to set up base in the emirate and trade with the rest of the world.
In his keynote address, H.E. Francisco Elias Paulo Cigarro, Ambassador of the Republic of Mozambique to the UAE, stressed on the strong historical legacy existing between his country and the Gulf region which he said dates back to 500 years and has laid the foundation for a modern political, diplomatic and economic relationship. Also, the vision of the two countries’ leaders has led to a sustainable bilateral tie in the long run, he said.
“We see an emerging trend of business and investment between Mozambique and the UAE which topped the list of FDIs in Mozambique last year while the UAE market accounts for 7.5% of the Gulf’s imports. Still, there is huge potential to increase trade through exchange of goods and investments in the manufacturing sector and free zones of Mozambique,” said H.E. Cigarro.
His Excellency lauded Dubai Chamber’s efforts in establishing its new office in Maputo which he said will contribute to cementing economic and bilateral ties while boosting the confidence of the investors in his country’s lucrative investment sectors such as agriculture, power generation, tourism, transport and infrastructure. The Ambassador also stressed on his government’s efforts in introducing investor-friendly laws and regulations to boost FDIs to his country.
Speaking during the briefing were Maria Rita Freitas, National Director for Private Sector Support, Mozambique Ministry of Industry and Trade, Lourenco Sambo, Director General, Investment Promotion Centre (CPI) Mozambique, and Danilo Nala, Director General, Special Economic Zones Office (GAZEDA) in Mozambique, Rogerio Manuel, President, Confederation of Business Associations of Mozambique (CTA) and Paulo Pimenta, Managing Partner, Pimenta e Associados (Law Firm).
The briefing, which concluded with a Q&A session, also included an introductory presentation on The Outlook for Mozambique: Economy, Business Environment and Market Opportunities by Global Forecast Editor of the Economist Intelligence Unit.