UNITED Arab Emirates (UAE)’s Dubai Chamber of Commerce has approved the launch of the Zimbabwean Business Council in Dubai, which is expected to play a pivotal role in building an ecosystem of business coordination and networking to strengthen economic relations.
The development is in line with the chamber’s plans to establish new country-specific business councils and expanding their roles to boost Dubai’s foreign trade, as well as promote cross-border business opportunities for member companies.
Bilateral trade between UAE and Zimbabwe has recently witnessed strong growth, especially between 2019 to 2021.
For instance, UAE imports from Zimbabwe reached about US$ 2,3 billion in 2021 compared to US$ 1,5 billion in 2020 and US$ 904 million in 2019.
On one hand, UAE exports to Zimbabwe accounted for US$209 million in 2021. The main products of trade between the two countries are precious stones and metals.
The Dubai Chamber of Commerce announced the launch of the Zimbabwe Business Council in an update on its official website on Tuesday saying this will boost the already growing trade volumes and business relations between the two destinations.
Building on the momentum created by the country during its participation at the six-month-long Expo Dubai 2020, which ended in March this year, the launch further buttresses Zimbabwe’s economic diplomacy-focused foreign policy, which is anchored on engagement and re-engagement with the global community.
Covering markets of strategic importance to Dubai, the Dubai Chamber of Commerce said business councils provide the right platforms for businesses in the UAE and abroad to connect, collaborate and build mutually beneficial partnerships.
“Dubai Chamber of Commerce has supported the establishment of the Zimbabwean Business Council with the main objective of promoting commercial interests of Zimbabwe and Zimbabwean business in Dubai,” said the chamber.
“The establishment of the Zimbabwean Business Council is a collaborative effort in improving the ease of doing business in Dubai in addition to creating a supportive, enabling, and world-class business environment in the emirate.”
As the two countries deepen bilateral trade and investment relations, the business council is expected to go a long way in promoting Zimbabwean-owned UAE-registered companies, as well as their goods and services in that country.
“We aim to create new channels of economic cooperation between business communities in the emirate and promising markets around the world. Covering markets of strategic importance to Dubai, business councils provide the right platforms for businesses in the UAE and abroad to connect, collaborate and build mutually beneficial partnerships,” said the chamber, quoting Maha AlGargawi, its executive director of business advocacy.
“These councils will support us as we further expand our presence across Africa, Latin America, and the Middle East and attract more companies and investment from these regions.”
Commenting on the development Dubai-based Zimbabwean financial economist, Mr Rungano Innocent Nyaude, who is one of the founding members of the business council said the launch would deliver brighter mutually-beneficial prospects for both parties.
“The Zimbabwean Business Council in the UAE looks to play a pivotal role in growing the Dubai-Zimbabwe business relations by bringing together Zimbabwean businesses operating in Dubai, building an ecosystem of coordination and networking, which will, in turn, build further trade corridors between the UAE and Zimbabwe,” he said.
“The UAE is Zimbabwe’s second largest export destination market, and through coordination with stakeholders, it’s our mission to play a part in strengthening the trade relations between the two countries and grow the business footprint of Zimbabweans in the UAE.”
Going forward, the Dubai Chamber of Commerce said the new business council should further strengthen burgeoning trade relations between Zimbabwean companies and the business community with other companies in the UAE, thereby contributing to an increase in trade volume between the two countries.