DCCI pitches for greater investment in Dubai

Dubai: Dubai Chamber of Commerce and Industry (DCCI) yesterday signed a Memorandum of Understanding (MoU) with the Vietnam Chamber of Commerce and Industry (VCCI) in Hanoi.

The MoU was signed by Obaid Humaid Al Tayer, chairman of the DCCI, and Dr. Vu Tien Loc, VCCI chairman.

The agreement stressed the need for enhancing economic cooperation and commercial promotion between the two bodies and opening new channels of contact between their members and businessmen.

The idea behind this move is to generate effective economic partnerships, exchanging information about trade and customs legislations in both countries, participating in trade fairs and economic conferences, encouraging visits of trade delegations and missions, enhancing trade volumes and setting up joint ventures.

Al Tayer, who heads the UAE Businessmen Delegation to Vietnam, highlighted the importance of the MoU signed between Dubai Chamber and Vietnam Chamber. He stressed the agreement's main objectives in boosting the economic and trade cooperation, increasing the values of bilateral trade and attracting Vietnamese investments to the UAE.

"The MoU prompts us to introduce Vietnamese companies to the investment opportunities available in the UAE. Dubai, in particular, offers much in the fields of banking, finance, services and logistics. The Dubai government and Dubai Chamber offer investment incentives, facilities and outstanding services to local and foreign investors," Al Tayer added.

Dubai's total non-oil foreign trade with Vietnam reached Dh1.14 billion in 2006 ($312.5 million).

Dr. Vu Tien Loc, VCCI chairman, said, "The agreement will be a key driver that motivates further coordination and cooperation between the two chambers and the Vietnam Trade Office, Vietnamese Trade Centre and the Consulate General of Vietnam in Dubai."