Dubai: The UAE is interested in developing key sectors such as tourism, infrastructure, oil, gas, mining, energy, transport, logistics, ports, IT and mobile communications in African countries, Sultan Bin Saeed Al Mansouri, UAE Minister of Economy, said in the opening remarks at the fourth Common Market for Eastern and Southern Africa (Comesa) investment forum that started yesterday.
The Comesa forum held under the patronage and attendance of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, with the participation of more than 2,000 delegates and 15 ministers and high ranking government officials from the UAE, GCC and Comesa.
The Forum is being organised by the Dubai Chamber of Commerce and Industry in cooperation with the Comesa Regional Investment Agency under the theme "Dubai to Africa — Unlocking the Markets for the Future". Al Mansouri added that in the last years the UAE has increased its focus on Africa, as the most promising market located closer to the Middle East.
"Comesa remains the largest economic bloc within Africa. Offering enormous opportunities for investments and a huge market for varied goods and services," he told delegates. By 2015 the Comesa market is expected to have an estimated 500 million consumers, he said. "Trade between the UAE and many African Countries has been growing steadily in recent years. In 2010 UAE overall trade with six non-Arab African countries alone, Kenya, Nigeria, Ethiopia, South Africa and Tanzania, reached $6.2 billion [Dh22.75 billion]."
Al Mansouri added: "Our economy reached a Dh1 trillion GDP mark in 2010 and the international Monetary Fund predicts our economy to grow 3.2 per cent in 2011."
On the other side, Heba Salama, Director of the Comesa Regional Investment Agency, Egypt, describes Dubai as a main hub for doing business with Comesa member states.
"This forum will strengthen relations between Comesa and the GCC countries, create awareness on Comesa in this part of the world and attract investment into our region."
Investment
Salama said the size of Arab countries investments in Comesa markets has reached $21.7 billion in 2008 while it declined to $14.4 billion in 2009 and then to $7.9 billion in 2010 following the international economic crisis. However, she added: "Comesa has achieved a key milestone in terms of the establishment of a fully functional Free Trade Area with 14 member states, which increased the intra Comesa trade to $12.7 billion in 2009, from 2.6 billion in 1999, a near five-fold increase in less than ten years."
In his speech Abdul Rahman Saif Al Ghurair, Chairman of the Dubai Chamber of Commerce and Industry, described Comesa as an ideal investment destination.
He added: "The Comesa members can also count on Dubai's position as a thriving international destination for business and finance, its extensive infrastructure and its competitive business environment that fulfils the needs of investors since Dubai is and will always remain a safe haven for investment."
Have your say
Do you think its time to shift focus away from Northern and Western markets towards Eastern and Sourthern? How can government bodies help facilitate business opportunities?
