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Dubai, Czech Republic in co-operation agreement

DUBAI — Bilateral relations between Dubai and the Czech Republic were strengthened yesterday following the signing of a co-operation agreement. First vice chairman of Dubai Chamber of Commerce and Industry (DCC1) Abdul Rahman Saif Al Ghurair and vice-president, Confederation of Industry of the Czech Republic, Jaroslav Hanak, signed the agreement.

The agreement aims at improving and strengthening business ties while also exploring the need to foster a spirit of better cooperation between the business communities from both sides in general and between their respective members in particular. Under the agreement both parties will also work jointly in the fields of industrial relations, trade and services and setting up of joint ventures as well as equity investment.

At the signing, Czech Prime Minister Mirek Topolanek, who headed a large delegation of ministers, government officials and business leaders highlighted the similar roles the Czech Republic and the UAE play in the region. He said: "As Dubai is the gateway to the Middle East, the Czech Republic is in the heart of Europe and is also the entry point for doing business with Russia and the Balkans."

He also encouraged prospective investors to make the most of the opportunity to buy Czech's prestigious assets, the last of which are being privatised. Among them are the Prague Airport, the national airline CSA Czech Airlines, and the Opera House. "We are not doing this for money but for better business," he said.

He added that his country was recently ranked as the best transforming economies out of the 120 assessed countries in the world. It also offered lower taxes and less red tape than other parts of Europe, as well as full governmental support to all the investors.

In 2006, the Czech Republic ranked number 44 in a list of Dubai's trade partners. Dubai's non-oil trade with the Czech Republic reached Dh1.9 billion at the end of that year with imports touching Dh1.8 billion. Exports and re-export stood at Dh80.3 million. There are now 13 Czech partnership companies operating in the emirate.

Dubai's main imports from Czech Republic in 2006 included articles of stone, plaster, cement, asbestos, mica, ceramic products, glass and glassware, machinery, electrical and electronics equipment, chemical or allied industries, vegetable products and miscellaneous manufactured articles.

A Czech-Arab Business Council was also established last week by the Confederation of Industry of the Czech Republic (SP) and the Chambers of Council of the Czech Republic.

Speaking on the sidelines of the event, Majid Shamas Toma, project manager, external relations department, of SP said the organisation was formed with the support of the Arab ambassadors in Prague. "Our goal is to start with the companies who are already doing business in the Arab world, or are interested in doing business," he said. He also added that relations between the Arab world and the Czech Republic have been long standing.