DCCI, Greek industries body sign MoU to enhance economic ties

DUBAI — Dubai Chamber of Commerce & Industry (DCCI) signed a Memorandum of Understanding (MoU) with the General Council of Federation of Greek Industries aiming to enhance the bilateral economic and trade relations between Dubai and the Hellenic Republic.

By Manu Sharma

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Published: Fri 16 Feb 2007, 10:00 AM

Last updated: Sat 4 Apr 2015, 9:55 PM

The MoU was signed by Abdul Rahman Saif Al Ghurair, First Vice-Chairman of Dubai Chamber of Commerce & Industry, and Ioannis Yotis, Member of the General Council of Federation of Greek Industries. The agreement aims at activating the economic and commercial relations between the two organisations to serve the mutual interests of both parties, strengthening bilateral trade ties between Greece and Dubai business communities, encouraging cooperation between companies from both countries, exploring business opportunities available in Greece and Dubai, exchange of necessary information, introducing the laws that regulate economic activities and exchange of trade delegations' visits from both sides.

Speaking at the inaugural session of the 'Preparing Together for the 21st Century', business forum between UAE and Greece, Dora Bakoyannis, Minister for Foreign Affairs of the Hellenic Republic said, "In the last three years, commercial transactions between Greece and the Arab world have experienced a steady and significant increase of almost 35 per cent, the UAE being one of the most important trading partner.''

She praised the strong diplomatic relations between the two countries, adding that the economic relations need to be enhanced and supported and the Greek companies working in Dubai need to be increased. She added that over 60,000 Greeks visited the UAE last year.

Al Ghurair said that Dubai's non-oil trade with Greece reached Dh415 million (Euro 86 million) in 2005 and expects the bilateral trade volume to increase after signing the agreements. There are more than 78 Greek companies in Dubai that deal with textiles, ship repairing, jewellery and general trading. "We urge the Greek government to establish a Hellenic Business Council in Dubai to be added to the business councils that operate under the umbrella of Dubai Chamber. The council could coordinate with the already-existed Hellenic Trade Centre to enhance the bilateral relations between the business communities in both countries," Al Ghurair added.

Evripidis Stylianidis, Deputy Minister of Foreign Affairs of the Hellenic Republic, said that the bilateral economic relations between the UAE and Greece have developed as the UAE is still one of the most important trade partners of Greece. Stylianidis pointed out that Greece is an ideal trade partner to the UAE thanks to the similarity in the main investment sectors. Greece has the biggest naval commercial fleet in the world, in addition to well developed energy, natural gas, construction and tourism sectors. Over 15 million tourists visited Greece last year.

Nabeel Al Yousif, Director General of the Executive Office, made a presentation in which he stated some of the reasons, which made Dubai a strategic destination for business and trade in the Middle East. He said that the recently announced Dubai Strategic Plan 2015 aims at stressing Dubai's pioneering position and keeping the annual rate of economic growth at 11 per cent to reach a GDP of Euro 83.3 billion in year 2015, in addition to increasing the GDP per capita to Euro 33,900 and providing more than 882,000 jobs.

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