Delegation will focus on trade relations

Dubai: Obaid Humaid Al Tayer, chairman of Dubai Chamber of Commerce and Industry (DCCI), heads a UAE businessmen delegation, representing the most vital economic sectors in the country, on an official visit to Vietnam tomorrow.

The visit aims to energise bilateral economic and trade ties between the two countries and to discuss the potential investment opportunities available in both countries on the government and private levels, a DCCI statement said.

The delegation comprises 27 top businessmen and investors representing a number of major economic sectors in the UAE such as real estate, construction, engineering, food processing, automotives, fashion, jewellery, printing and publishing, freight forwarding, travel and tourism, healthcare, consultation, education, agriculture, oil and gas and other investments sectors.

A number of the DCCI's board members, its directors general, heads of departments, as well as the directors general of the chambers of commerce of Abu Dhabi, Ajman, Ras Al Khaimah, Umm Al Quwain and Fujairah, will be in the delegation to Vietnam.

Al Tayer pointed out that the visit of the UAE businessmen is in line with the UAE's strategic plans in supporting its economic and trade relations with the world, including countries with emerging economies that enjoy potential to grow quickly.

Vietnam has been the world's second fastest growing economy after China. The UAE's interest in strengthening economic ties with the country is attributed to the similarity between them. Both countries are on the fast track, establishing development projects with cooperation from government and private sectors. They have also attracted a lot of foreign investments in the past few year.

"The visit of the UAE businessmen delegation to Vietnam provides a significant platform for the UAE business community to meet its Vietnamese counterparts to discuss areas of effective economic and investment cooperation, to open new channels of communication between the government and private sectors in both countries, to discuss mutual investment opportunities and to study ways of increasing trade volumes between the UAE and Vietnam," said Al Tayer.

Vietnam is a growing economy with GDP of $280.2 billion at purchasing power parity. This translates to $3,300 per capita ($726 at market exchange rate).

The country's inflation rate was estimated at 7.5 per cent per year in 2006. The spending power of the public has noticeably increased. As a result of several land reform measures, Vietnam is now the largest producer of cashew nuts with a one-third global share and second largest rice exporter in the world after Thailand.

Prominent figuresto be part of group

The delegation to Vietnam comprises senior officials. Shaikha Lubna Al Qasimi, Minister of Economy, Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation Corporation and Chairman and CEO of Emirates Group, Dr. Mohammad Khalfan Bin Kharbash, Minister of State for Financial and Industrial Affairs, Dr Ali Bin Abdullah Al Ka'abi, the Labour Minister, Mohammad Abdullah Al Gergawi, Minister of State for Cabinet Affairs, and other senior officials will be part of it.

The delegation will also include the UAE Ambassador to China, Mohammad Rashid Al Bot, who is also the UAE's non-Resident Ambassador to Vietnam, and a large number of businessmen and prominent economic figures.