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First Dubai Vienna Economic and Investment Partnership Conference explores newer areas of cooperation between the two emerging regional business hubs
HE Abdul Rahman Saif Al Ghurair, 1st Vice-Chairman of Dubai Chamber of Commerce & Industry, and HE KommaRat Brigitte Jank, President of Vienna Chamber of Commerce and Industry, yesterday signed a Memorandum of Understanding (MoU) during the visit of a high-ranking Austrian delegation to Dubai Chamber where they held the First Dubai-Vienna Economic and Investment Partnership Conference. The Austrian delegation included Board Members of the Vienna Chamber along with 13 representatives from leading Austrian companies.
In his welcoming address Al Ghurair said: "The signing of the MoU between the two emerging regional business hubs of Dubai and Vienna goes a step further in cementing the economic ties besides opening new channels of co-operation between these strategic trading partners," he said adding, "This partnership conference not only helps activate economic and commercial promotion but also serves our purpose of attracting Foreign Direct Investment (FDIs) as well as pulling in overseas investors to our mega projects such as Dubai World Central and many more."
Added Al Ghurair, "Our gathering today provides a platform for the Viennese businessmen to know more about the business environments and opportunities available in Dubai as the Chamber is extremely committed to extend all possible assistance and facilities to the Austrian businessmen in setting up direct businesses and joint ventures in this fastest growing city of the world."
The MoU further stresses the need to generate effective economic partnerships, exchange of information about trade and customs legislations in both countries, participation in trade fairs and economic conferences while also encouraging visits of trade delegations and missions, enhancing trade volumes, setting up joint ventures, as well as introducing and benefiting from the investment opportunities available in both countries in different economic sectors.
Dubai's total non-oil foreign trade with Austria reached over AED 1.4 billion (Euro 261 million) in 2006 as there are 67 Austrian companies registered at Dubai Chamber and operating in the emirate. An earlier MoU signed between the Austrian Economic Chamber of Commerce and Industry and Dubai Chamber last year is already playing a significant role in attracting more Austrian companies to Dubai as the singing of this new trade agreement with the Vienna Chamber of Commerce and Industry is expected to pull in more trading partners from this emerging regional trading hub of Europe.
HE KommaRat Brigitte Jank, President of Vienna Chamber of Commerce and Industry, expressed her organization’s interest in enhancing mutual cooperation between Vienna and Dubai and open new channels of communication between the members of their chambers. She pointed out that the MoU signed between the two chambers along with the First Dubai-Vienna Economic and Investment Partnership Conference held in Dubai, would largely help develop bilateral economic relations between the business communities in both countries.
Upon conducting a presentation on Dubai mega projects and the aspects of Dubai economic development, the Austrian delegation delivered another presentation in which they highlighted the economic potentials of Vienna as a business hub between the Western and Eastern Europe.
Vienna, the national capital of Austria, is a seat of various international organizations including OPEC, OSCE, IAEA, and is the headquarters to international groups like Nike, IBM, Coca-Cola. There are 90,000 companies operating in Vienna out of which more than 3,800 regularly export. In 2006, goods valued at almost 14 billion euros were delivered out of the country (more than 15 per cent of Austrian exports) while Austria exported goods valued at 403 million euros to the UAE last year.
Almost one fourth of all Austrian companies are based in Vienna. Of these, over 99 % are small and medium-sized enterprises. The city holds the record of founding 8,000 companies annually.
