UAE export economy showing steady growth - EDC CEO
Dubai Export Development Corporation (EDC), the Dubai government body charged with promoting exports from the Emirate, was the national representative of the United Arab Emirates during the World Export Development Forum held on 8-11 October 2008.
The World Export Development Forum (WEDF) is the flagship event of the International Trade Centre (ITC), the joint agency of the World Trade Organization and the United Nations. The forum was dedicated to innovations in export development and export competitiveness, and to the challenges faced by developing countries and economies in transition.
While the theme of the 2008 forum at Montreaux, Switzerland, was "Consumer Conscience: How Environment and Ethics are Influencing Exports", EDC took advantage of its presence and held discussions with trade policy, government and business representatives and specialists from around the world, outlining the benefits and stability of the UAE even during the current economic conditions.
Under the program, Engineer Saed Awadi, Chief Executive Officer of EDC, presented a paper and participated in the debates that explored the challenges and opportunities facing nations as consumers worldwide are becoming more aware of ethical and social issues, demanding more responsible behaviour from producers and businesses. The UAE was presented as an example of an economy that is fast growing and stable as a result of the focus of the country's rulers on business sector diversification and consolidation.
"The UAE economy will continue to emerge as an ideal hub to conduct business in the Gulf and our financial, real estate and export markets remain and will continue to remain in a sound and strong position in the region," Engr Awadi said.
"As the global financial crisis continues to impact economies around the world, UAE's economic policies emphasise the confidence of investors in the country's financial system and local banking. The recent decision of government officials to ensure deposits and investments in the country is a proof of the UAE's economic strength and readiness to avoid negative effects on the local economy," he added.
While Export from Dubai to Switzerland reached 1.4 billion AED during the first quarter of 2008, making Switzerland one of Dubai's biggest export destinations, Dubai has also experienced a steady growth in overall exports since 2000, increasing significantly in recent years. The 2005-2006 financial year saw a massive 62 per cent growth in exports from the Emirate. The total growth of exports from the Emirate for the decade 1997 to 2007 was a phenomenal 394 per cent according to Statistics Department of Dubai World.
"The dynamic and flexible economy is continuously projecting a strong performance. For example, during the first half of the current financial year, Dubai has experienced a 59 per cent increase in exports as compared to the same period last year to reach 20.1 billion AED," Engr Awadi added.
"These figures prove that production for foreign markets is making a significant contribution to the GDP of the UAE - helping to sustain the country's economic growth. In spite of recent global events, the UAE's strong non-oil markets including tourism and manufacturing for export are poised to stay strong well into the future."
The WEDF was also recognised for its contribution to global thought leadership, particularly in the area of national export development strategy. The four-day forum brought together senior national and international policy-makers, heads of trade support institutions, representatives of international agencies, and business leaders such as Patricia Francis, Executive Director, ITC; Supachai Panitchpakdi, Secretary-General, United Nations Conference on Trade and Development; Ashok Khosia, Chairman, Development Alternatives, India; Pascal Lamy, Director-General, World Trade Organization; Alex Brigham, Executive Director, The Ethisphere Institute, United States of America; and Gareth Thomas, UK Parliamentary Under-Secretary of State, Department for International Development in United Kingdom among others. The event accommodated more than 200 decision-makers from about 50 countries.
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About Dubai Export Development Corporation:
Commenced operation in 2007, the Dubai Export Development Corporation (EDC) is an autonomous organisation under the directive of the Government of Dubai. Its vision is to be a world-class model in assisting and facilitating exporters, by creating an enabling environment for exports, with the aim of enhancing the competitiveness of Dubai as a preferred trading partner.
The EDC has moulded its mission to identify and effectively deliver value-added trade support services to Dubai export enterprises for accelerated and profitable expansion of their business in foreign markets.
For more information, please contact:
Rose Manaog,
MCS/Action,
rose.m@actionprgroup.com;
+971 4 3902960.
© Press Release 2008
