The Dubai Chamber of Commerce and Industry opened its third international office in Africa in the Mozambican capital of Maputo as part of its strategy to reach out to emerging markets across the world.
The new office is the fifth set up under Dubai Chamber's international expansion strategy covering offices in Baku, Addis Ababa, Erbil and Accra to promote and attract foreign investments to the emirate.
The opening in Mozambique came on the sidelines of the chamber's trade mission to both South Africa and Mozambique, which included a delegation comprising of Dubai's most prominent businessmen and decision makers from key economic sectors.
Majid Saif Al Ghurair, chairman, Dubai Chamber, who led the delegation, said the new office reflected the Dubai business community's heightened interest in the Mozambican market.
He said non-oil trade between the countries amounted to AED724 million which he described as "not very significant in light of the potential possessed by the two countries".
He added that these figures can be increased 10-fold.
Ernesto Max Tonela, Minister of Industry and Trade of Mozambique, said the office was a significant step in enhancing cooperation ties between the two countries.
He said: "We are looking forward to attract UAE investments to Mozambique as these will contribute to the economic growth and job creation."
According to Mozambican official statistics, UAE investments amounted to $1.47 billion in 2015, which made up about 39 percent of the total foreign direct investment to the country.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.