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Offers useful insight on trade, manufacturing, agriculture and tourism sectors in the most lucrative markets of Estonia, Latvia and Lithuania
Dubai - As part of its efforts to update its members with business opportunities, challenges and prospects of investment in lucrativeglobal markets, the Dubai Chamber of Commerce and Industry organised a quarterly economic seminar entitled, "Business Potentialof the Baltic States"at its headquarters recently.
The seminar, which was attended by representatives of Dubai's private sector, shed light on the economic potential of the three Baltic States: Estonia, Latvia and Lithuania as well as their lucrative investment areas and companies looking for investors and joint collaborations.
The introductory presentations also highlighted the high trade and investment potential including the business-friendly environment, highly qualified labour, along with wages which are among the lowest in the European Union that allow these Baltic States to attract foreign investment.
In the area of trade, the seminar identified cereals, dairy and agricultural products, along with wood products to have the highest imports potential; whereas items such as coffee and spices, beauty products, aluminum and organic chemicals were the most suitable for exports and re-exports activity to that region, the presentation said.
In terms of potential investments opportunities, the seminar pinpointed Business Process Outsourcing (BPO) as one of the most attractive sectors that all three states offer. With a total of 165 centers covering non-core business functions such as finance, IT, call centers and analytics, Dubai businesses have a great opportunity to outsource them and reduce their costs. There is also potential for FDI, by acquiring older centers and refurbishing/upgrading them or building new ones to serve the growing demand from Western Europe and even the Middle East, it added.
Agriculture was another major area of focus. As the Baltic States are targeting export-oriented crops production, Dubai businesses have opportunity to tap into their agribusiness supply chain. The seminar also focused on the rapid growth in organic farming, highlighting how acquiring agricultural land to grow and export crops to UAE and GCC countries would provide a much needed food security for the coming decades.
The seminar identified the high potential for investment in the manufacturing sector. Packaged food products in particular, as well as its entire supply chain, which involves storage, packaging and shipping, were identified as potential investment areas which complement Dubai businesses' strong experience in those areas.
The seminar also illustrated how local furniture brands and retailers could partner up with plants in the Baltic States to supply finished goods under their brand names to be sold in the UAE and the Middle East due to the strong presence of forestry and wood industries in the Baltic States.
In tourism, the seminar went over the rapid pace of growth seen in all three states, with annual growth rates up to 13% in tourist arrivals into the Baltic States and explained how this leads to the need of a larger capacity tourism infrastructure including airports, resorts, hotels, and restaurants while opening opportunities for both local airlines and travel agencies to grow their network and market the Baltic countries as a new destination for UAE residents.
Dr. Belaid Rettab, Senior Director, Economic Research and Sustainable Business Development Sector, Dubai Chamber, informed that this seminar comes in line with the Chamber's efforts to fill in the information gap existing in regards to foreign investments and markets stating that the Baltic States provide highly rewarding investment environment for Dubai companies, especially in the areas discussed and pointed out in thislatest economic seminar which turned out to be a huge success with the attendees.
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About Dubai Chamber of Commerce & Industry
Established in 1965, the Dubai Chamber of Commerce & Industry is a non-profit public entity, whose mission is to represent, support and protect the interests of the business community in Dubai by creating a favourable business environment, supporting the development of business, and by promoting Dubai as an international business hub. For more information visit www.dubaichamber.com
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Ruba Abdel Halim
Dubai Chamber of Commerce & Industry
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© Press Release 2015
