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Dubai Chamber looking into African investments

DUBAI - The Dubai Chamber of Commerce and Industry seeks new investment opportunities in Africa, its Director-General Hamad Buamim said.

Buamim stressed that Dubai and Africa share a common vision, which stems from the old ties and the need for enhanced economic cooperation.

The Chamber on Monday organised a workshop in preparation to host the 4^th Common Market for Eastern and Southern Africa, or COMESA, Investment Forum in 2011 and aimed at highlighting the investment opportunities and enhancing the economic cooperation between Dubai and COMESA.

Buamim pointed out that organising the workshop for the first time outside the African Continent is a clear message of Dubai Chamber commitment to build strong economic relations between Dubai’s business community and COMESA.

”Dubai’s reputation as a centre for conferences is unparallel and organising the 4^th COMESA Investment Forum will yield all the success that is always associated with Dubai’s events,” he said.

Considered as the largest economic block of African countries, COMESA holds the key to the economic development of the region which is expected to exceed the size of its market of 500 million consumers by the year 2015.

Sindiso Ngwenya, Secretary General of COMESA, praised Dubai’s economic model and said its an attractive global business destination and a major centre of foreign direct investment.

Ngwenya said that COMESA is counting on Dubai’s expertise in certain areas such as infrastructure, road development and Telecommunication as the region is looking forward to enhance its cooperation with Dubai.

The 19 Comesa member states include: Burundi, Comoros, D.R. Congo, Djibouti, Egypt, Eritrea, Ethiopia, Kenya, Libya, Madagascar, Malawi, Mauritius, Rwanda, Seychelles, Sudan, Swaziland, Uganda, Zambiaand Zimbabwe.

The Comesa region with its more than 389 million population and total GDP of over $230 billion offers high investment potential, as the region’s annual imports clocked $32 billion, and exports registered $82 billion worth of goods.

abdulbasit@khaleejtimes.com