His Excellency, Hamad Buamim, President & CEO of Dubai Chamber: Exhorting companies from the UAE and Indonesia to harness business opportunities in each other’s country
As per the latest analysis ensued by Dubai Chamber, there lies a huge business potential for Indonesian companies wherein they can boost up their exports to the UAE (The United Arab Emirates), especially in the categories of commodities, industrial products and textiles
The findings also suggest that infrastructure is a sector where companies from the UAE can tap into attractive investment opportunities in the Indonesian market, as this South-East Asian country is looking to boost its infrastructure spending to more than $430 Billion over the next few years.
The analysis was released by Dubai Chamber in the lead up to the inaugural Global Business Forum ASEAN (GBF ASEAN), a high-level business forum organised by the Chamber in partnership with Expo 2020 Dubai. Taking place December 8-9, 2021 at Expo 2020 Dubai, the event is being held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President & Prime Minister of the UAE and Ruler of Dubai.
The UAE is among the top 20 countries import partners of Indonesia. In the same year, Indonesia ranked 52nd and 33rd among top export and import markets for the UAE, respectively. This indicates that there is an enormous array of untapped opportunities to increase mutual cooperation and bilateral trade between the two countries.
The analysis identified 10 high-potential products that Indonesian traders can export to the UAE. The UAE’s imports of these ten products in 2020 were valued at $125 million, but Indonesia’s share of the UAE’s imports of these products was less than 15 percent. Clothing, wood products, prawns, coffee and coconut products were also highlighted as in-demand Indonesian products that can be exported to the UAE and re-exported through the country to African, European and Middle-Eastern markets.
Raw gold, unwrought aluminium, and ethylene polymers were among the top 10 products that could be exported from the UAE to Indonesia. The analysis valued Indonesia’s imports of these materials during the year 2020 at approximately $307 million, with the UAE accounting for 15 percent of this trade value.
His Excellency, Hamad Buamim, President & CEO of Dubai Chamber, says, “Indonesia is market of strategic important to Dubai and Dubai Chamber members. The recent analysis highlights the wide array of trade opportunities in the Indonesian market, which offers tremendous potential to trading companies in the UAE.”
His Excellency Buamim notes that Indonesia earlier this year became the first South-East Asian nation to join the World Logistics Passport (WLP), which opened up new doors for traders in the Indonesia market to boost trade flows with Dubai and other emerging markets around the world. He added that such opportunities emerging on the horizon would be discussed in detail at the upcoming GBF ASEAN in Dubai, which is the first event of its kind in the region
The findings indicated that there is plenty of scope for Indonesia to expand its cooperation with the UAE in the area of food security as the South-East Asian country is the seventh largest food exporter in the world in 2020, while the UAE imports about 80 percent of its food requirements.
The inaugural GBF ASEAN to be held under the theme, The New Frontiers, is expected to attract public and private sector stakeholders from the UAE and ASEAN markets, including government officials, prominent CEOs and industry experts.
The GBF ASEAN forms a part of Dubai Chamber’s Global Business Forum series that was launched way back in 2012 as a platform to drive trade and explore opportunities between the UAE and some of the world’s fastest growing markets.
Qaisar
