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Thu 20 Feb 2020 02:28 PM

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How Dubai aims to chase more business from $2.9trn ASEAN region

Dubai Chamber of Commerce and Industry has announced plans to organise its first Global Business Forum ASEAN later this year

How Dubai aims to chase more business from $2.9trn ASEAN region

Hamad Buamim, president and CEO, Dubai Chamber.

Dubai Chamber of Commerce and Industry has announced plans to organise its first Global Business Forum ASEAN (GBF ASEAN) later this year as it targets closer ties with an economy worth nearly $3 trillion.

GBF ASEAN, to be held on December 9-10 during Expo 2020 Dubai, underlines the importance of this emerging 10 member economic giant, with a combined population of 650 million people and a GDP worth $2.9 trillion.

Dubai Chamber said the emirate's relations with ASEAN countries has a lot of scope for growth, with bilateral trade accounting for $21 billion in 2018.

Vietnam, accounting for 37 percent or $8 billion of the trade, remains Dubai’s largest ASEAN trading partner, followed by Thailand at 17 percent ($3.8 billion).

There are currently 10 member states - Indonesia, Malaysia, Philippines, Singapore, Thailand, Brunei, Laos, Myanmar, Cambodia and Vietnam.

Hamad Buamim, president and CEO, Dubai Chamber, expressed his confidence in the vast potential that ASEAN has to offer and said there is still tremendous scope for companies in Dubai to boost exports to ASEAN markets in the future.

He said Dubai fits very well with ASEAN countries' expansion plans as it already serves as a preferred trade and investment hub for many Southeast Asian companies.

The Global Business Forum was launched in 2013 under the patronage of Sheikh Mohammad bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, as a platform for high-level dialogue between Dubai and emerging markets that offer business potential. 

To date, Dubai Chamber has organised five GBF Africa, one GBF CIS countries and three GBF Latin America events.