Dubai Chamber of Commerce and Industry has signed a Memorandum of Understanding (MoU) with Georgia Chamber of Commerce & Industry to increase investment, trade and economic cooperation between the two countries.
The MoU was signed by H.E. Hamad Buamim, Director General of Dubai Chamber, and H.E. Kakha Baindurashvili, President of Georgia Chamber, and aims to foster friendship and understanding between the business communities of Georgia and Dubai and promote cooperation in trade, investment, technology, services and other industrial business sectors between both countries.
The agreement comes as part of Dubai Chamber’s strategy to explore commercial opportunities in Central Asia and the Caucasus and follows an announcement it will open a satellite office in Baku in Azerbaijan.
Under the MoU, Dubai and Georgia Chambers have agreed to facilitate promotional activities in trade, investment, technology transfer, services and other business areas of mutual interest.
The business organisations agreed to exchange information in regard to trade, economic cooperation and services, and cooperate in organising and sponsoring business missions, trainings, seminars and workshops in areas mutually agreed upon.
The two sides agreed to make joint recommendations to the respective governments of Dubai and Georgia to promote closer business cooperation and encourage their members to participate in trade fairs, exhibitions and conferences held in both countries.
The MoU will also provide a recognised forum for discussion on promoting business between Dubai and Georgia as both sides are set to hold regular meetings to consult on issues regarding trade and economic cooperation, according to the MoU.
H.E. Buamim said: “Signing the MoU with Georgia Chamber of Commerce & Industry is an important step in enhancing our relationship with partners in the Caucasus. We have identified this region as a key market for our members and hope that through the agreement we can encourage more bilateral trade and investment.
“We want to introduce our members to the opportunities Georgia and the wider Caucasus region has, while at the same time promoting the benefits of doing business in Dubai to companies in this part of the world. We hope that by enhancing our ties with Georgia Chamber of Commerce & Industry we can increase cooperation in trade, investment, technology transfer, services and other business areas of mutual interest.”
Georgia’s economy has strong growth prospects and the country has a long track record of low and stable inflation. For businesses looking to expand into this market, the country has a low tax regime and offers a business friendly environment and a simplified customs system.
During the delegation visit to Tbilisi, H.E. Buamim attended the 4th meeting of the ICC Regional Consultative Group (RCG) in his capacity as Vice Chairman of the World Chambers Federation, at which he gave a welcome address.