UAE and Poland to explore joint investment potential

At the UAE-Poland Business Forum, Prime Minister of the Republic of Poland Donald Tusk lauded the strong bilateral partnership enjoyed by his country and the UAE and the growth of Dubai, which he said has become a symbol of human endurance, economic development, hospitality and peaceful co-existence.

It was revealed at the forum that the exports and re-exports of Dubai Chamber members to Poland has grown by 131 per cent in 2011 in comparison to 2010 as the value rose from Dh13.6 million in 2010 to Dh31.4 million last year.

Organised by Dubai Chamber of Commerce and Industry, the forum was attended by Sultan bin Saeed Al Mansouri, UAE Minister of Economy; Abdul Rahman Saif Al Ghurair, chairman of Dubai Chamber; Hamad Buamim, director-general, Dubai Chamber; and representatives of a cross-section of private sector companies in Dubai.

The prime minister called for strengthening cooperation between the two countries stating that the forum provided an ideal platform for investors from the UAE and Poland to work together and also stressed on the establishment of direct flights to encourage investment between UAE and Poland informing that his country was ready to invest $200 billion in Poland during the next 10 years.

He also said that Poland is one of the promising investment hubs in the European Union and is capable of serving as a gateway to UAE investments in Central and Eastern Europe. Al Mansouri, in his keynote address, highlighted the robustness of the Polish economy, which he said stood the test of time during the economic crisis and was growing by the day.

The minister called for the establishment of joint ventures between UAE businesses and their Polish counterparts in line with the agenda of the forum which emphasises on stronger cooperation for economic development of both the countries.

He further stressed that the UAE trade with Poland in 2008 was in the region of $500 million annually and was low due to the global financial crisis but the current figures are quite positive and encouraging. He also pointed out the areas of investment in Poland which he said included energy, industry and tourism in addition to increased cooperation in the field of innovation.

Al Ghurair urged the visiting Polish business delegation to make Dubai their base to reach out to customers in the region and beyond and to benefit from the emirate’s strategic East meets West location, unconditional government support and lucrative investment opportunities.

Al Ghurair said trade, tourism, logistics and financial services are the drivers of Dubai’s economic growth and hold great potential for investment. “We see a huge potential for businesses from both countries to work together to enhance their business ties as Poland offers expertise in construction, aviation, oil, gas, energy, banking and finance. Meanwhile, the driving forces of our economy include trade, financial services, logistics and tourism and we look forward to working with you in these common areas of interest,” he said.

He mentioned that expanding into East European markets is a strategic priority for Dubai Chamber to explore Eastern Europe, therefore the chamber has this forum to discuss strengthening of economic relations with our Polish partners.

He called upon Polish investors to come to Dubai and join the multitude of businesses from all over the world working and living here and to benefit from Dubai promising business environment. Bozena Czaja, Deputy Director of the Polish Information and Foreign Investment Agency, spoke about Doing Business in Poland.

abdulbasit@khaleejtimes.com