$ 273 million trade in Dubai and Caribbean countries in 20172018-11-21
A recent analysis by the Dubai Chamber of Commerce and Industry (DCCI) revealed the launch of the first UAE-Caribbean Cooperation Forum organized by the Ministry of Foreign Affairs and International Cooperation and the Dubai Chamber in cooperation with the Ministries of Economy, Culture and Knowledge Development.
Which will be held from 24 to 26 November 2018, on the promising investment opportunities possessed by the markets of the Caribbean, indicating that the volume of trade between Dubai and the Caribbean countries amounted to 273 million dollars in 2017.
The analysis showed that $ 183 million of trade was in the form of Dubai imports from Caribbean countries, accounting for about two-thirds of the total value. Dubai’s exports to the Caribbean amounted to $ 90 million, accounting for 33% of the total bilateral trade For Dubai with the area.
The analysis also highlighted the prospects for Caribbean companies to cooperate with companies in the UAE and Dubai and investment opportunities in vital sectors including agriculture, food security, manufacturing, logistics, tourism and renewable energy.
In addition to areas such as emerging technologies and technologies, in which the UAE has unique international expertise. UAE companies can effectively contribute to enhancing the performance of these sectors and achieving the best rates of growth and development.
Prospects are promising
“The relationship between the UAE and Dubai with the Caribbean countries is growing, and there are promising future prospects for enhancing trade relations, given the importance of these countries and the ability of Dubai to be the gateway to companies,” said Hamad Bou Omim, Director General of Dubai Chamber of Commerce and Industry. These countries to reach all global markets ».
“The Caribbean has a lot of important commercial ingredients that are linked to a range of factors, primarily the proximity to the US and Latin American markets, as well as the availability of qualified human resources and natural resources.”
“The Caribbean offers economic potential and growth opportunities for UAE-based and Dubai-based businesses that want to open up new business opportunities. The Caribbean is one of the world’s best tourist destinations, offering a wide range of opportunities for tourism and hospitality companies, .
The analysis showed that the Republic of Suriname was Dubai’s first trading partner last year, with trade between the two regions accounting for 42% of the total trade volume and $ 113.8 million, while Guyana ranked second in trade with Dubai with 19% Dollars. The Dominican Republic ranked third with a 10% share of $ 28.6 million.
Trinidad was fourth with a share of 9% and $ 25.7 million. Belize ranked fifth, with 7% and $ 18.8 million, Cuba 4% and Haiti 3%.
The analysis also pointed to the attractiveness of Caribbean countries as export destinations, considering that the markets of the Dominican Republic, Trinidad and Tobago and Cuba are the best attractive markets for investment and business, given the size of their markets and trade ties with Dubai and other global markets.
The analysis also showed that the Caribbean countries attracted direct foreign direct investment amounting to $ 6.89 billion in 2017. The United States, Canada and China were among the first countries to invest heavily in the region.
The Dominican Republic was the biggest polarizer in the Caribbean Basin for foreign direct investment, attracting $ 3.6 billion in 2017, especially in the tourism, telecommunications, real estate and mining sectors, while the Bahamas was the second largest FDI investor in the region.
With total investment flows in this sector reaching $ 928 million. Jamaica ranked third after attracting $ 888 million in foreign direct investment to the Bauxite, telecommunications, tourism and construction sectors.
The analysis pointed out that Suriname’s first trade relations with Dubai were the result of imports, which accounted for most of the total bilateral trade activity, noting that these imports are concentrated in precious metals, reaching 108.5 million dollars last year, while exports to Suriname reached 5.4 million dollars