DUBAI, United Arab Emirates, — Tourism, food security, manufacturing, logistics, and renewable energy have been identified as high-potential areas where companies in the UAE and Caribbean region can expand economic cooperation, according to new analysis from Dubai Chamber of Commerce and Industry.
The findings, released on sidelines of the first UAE-Caribbean Cooperation Forum in Dubai, revealed that the value of non-oil trade between Dubai and Caribbean countries totaled $273 million in 2017.
Bilateral non-oil trade was dominated by imports from the Caribbean which were valued at $183 million in 2017, while $90 million worth of exports contributed 33% to Dubai’s trade with the region.
Suriname ranked as Dubai’s top Caribbean trading partner in 2017, with bilateral non-oil trade valued at $113.8 million, accounting for 42% of the emirate’s trade with the region. Guyana ranked second with $52.1 million in bilateral trade, followed by Dominican Republic and Trinidad and Tobago.
In addition, the findings revealed that the number of Caribbean companies registered with Dubai Chamber increased by 54% from 403 in 2013 to reach 621 in 2018.
Hamad Buamim, President & CEO of Dubai Chamber of Commerce and Industry, noted that the findings reflect the tremendous potential to boost bilateral trade and investment in the future as the UAE and Caribbean countries push ahead with plans to diversify their economies and explore business opportunities abroad.
“Dubai can serve as a global gateway for Caribbean exporters who are keen to broaden their horizons and access markets across the Middle East, Africa, and Asia, while the Caribbean region is fast emerging as an attractive investment destination, providing plenty of advantages which UAE companies can benefit from,” added Buamim.
Held on November 24th-26th, the UAE-Caribbean Cooperation Forum was co-organised by the UAE Ministry of Foreign Affairs and International Cooperation and Dubai Chamber of Commerce and Industry, in partnership with the UAE Ministry of Economy and the UAE Ministry of Culture and Knowledge Development.