Dubai Chamber of Commerce and Industry, a non-profit public entity, has recently opened its third international office in Africa in the Mozambican capital of Maputo, as part of its strategy to reach out to the promising markets of the world.

The new office, which is the fifth international office set up under Dubai Chamber’s international expansion strategy covering offices in Baku, Addis Ababa, Erbil and Accra to promote and attract foreign investments to the emirate, is seen as a window for UAE companies wishing to expand in sub-Saharan Africa and to explore lucrative investment opportunities in these untapped markets of the continent, said a statement from the chamber.

The opening of the international office in Mozambique came on the side-lines of the chamber’s trade mission to both South Africa and Mozambique, which included a delegation comprising of Dubai’s most prominent businessmen and decision makers from key economic sectors, it added.

According to Mozambican official statistics, UAE investments in Mozambique amounted to $1.47 billion in the year 2015, which constitutes about 39 per cent of the total foreign direct investment to the country, while UAE investments to Mozambique accounted for 30.7 per cent of the total foreign direct investment in 2014, it added.

The office was inaugurated by Majid Saif Al Ghurair, chairman, Dubai Chamber, who also led the delegation, and the ceremony was attended by Joaquim Chissano, former President of Mozambique; and former Mozambican prime ministers Luisa Dias Diogo and Aires Ali; as well as Ernesto Max Tonela, Minister of Industry and Trade of Mozambique; Asim Mirza Al Rahma, UAE ambassador to the Republic of Mozambique, said the statement.

During the opening of the Maputo office, Al Ghurair pointed out that the new office reflects on Dubai business community’s heightened interest in the Mozambican market. He also stressed on the chamber’s seriousness in strengthening its private sector’s presence in African markets based on Dubai's expertise and experience which he said serve as strong tools to facilitate their entry into these lucrative markets, it said.

Al Ghurair added: “Dubai Chamber’s business expansion strategy into the African market is based on the directive of Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice-President and Prime Minister and Ruler of Dubai, to solidify our bilateral relations and encourage business and investment with Africa.”

Informing about Dubai’s non-oil trade with Mozambique in 2015, Al Ghurair said that this amounted to Dh724 million ($197.1 million) which is not very significant in light of the potential possessed by the two countries, adding that these figures can be increased 10 fold if both the trading partners fully utilised their capabilities to develop cooperation and this can include operating direct flights.

He called upon Mozambican companies to strengthen their presence in Dubai, as currently there are 29 companies registered under Dubai Chamber membership out of the 12,000 African companies operating in the emirate, he added.

Al Ghurair lauded the support provided by the UAE Embassy in Mozambique for facilitating the activities of the trade mission and for their support to the private sector in overcoming obstacles faced by the UAE investors.

On his part, Ernesto Max Tonela, Minister of Industry and Trade of Mozambique, who attended the ceremony and opened the chamber office, said that this is a significant step in enhancing cooperation ties between the two countries as he expressed his government’s commitment to supporting the new office in promoting joint investments while making Mozambique a gateway for Emirati investments in the south African region.

He said: “We are looking forward to attract UAE investments to Mozambique as these will contribute to the economic growth and job creation while the country has a number of agreements and partnerships with the European Union and African countries (tripartite agreement FTA), which will allow many benefits for UAE investors in these markets.”

On his part, Asim Mirza Al Rahma, UAE ambassador to the Republic of Mozambique, stated that the chamber office will open up the doors to enhanced cooperation and mutual investment opportunities as he also urged to expedite the ongoing negotiations for the signing of avoidance of double taxation which he said will lead to encouraging UAE businesses to invest in the Mozambican market.

During his meeting with the visiting delegation, Carlos Agostinho do Rosário, Prime Minister of Mozambique, congratulated the chamber for opening its international office in Maputo which he said is a solid step towards building a stronger economic relationship between the two countries.

Also present at the meeting was the UAE ambassador to Mozambique as Rosario assured the delegation of his government’s commitment to attracting UAE investments to his country by working together while ensuring all support to achieve the common interests of businesses from both the countries, it added. – TradeArabia News Service