Dubai Chambers has signed a memorandum of understanding with the Australian Chamber of Commerce and Industry to enhance cooperation, strengthen economic and trade relations, and support the development of partnerships between the business communities in Dubai and Australia.
Commenting on the agreement with the Australian Chamber, Hassan Al Hashemi, vice president of international relations at Dubai Chambers, commented: “At Dubai Chambers, we are keen to strengthen international partnerships to support the expansion of local businesses in strategic global markets and attract international companies and investments to Dubai.”
The agreement encompasses data and expertise exchange between the two entities for studies on trade, investment and the economy. It also aims to facilitate the exchange of latest developments surrounding legislation governing business.
In addition, the agreement seeks to strengthen relationships between the Dubai and Australian business communities. Moreover, it aims to support their mutual goals and contribute to boosting bilateral trade and investments.
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For his part, Lyall Gorman, deputy president of the Australian Chamber of Commerce and Industry, commented: “The opportunity for our two organizations to engage more fully for mutual benefit are significant in their nature.” Gorman also reiterated the agreement’s commitment to enhancing economic activity, information exchange and connectivity at all levels of business.
Notably, the UAE is Australia’s largest trade and investment partner in the Middle East. In 2022, bilateral trade of goods and services between the two countries reached $9.3 billion. This makes the UAE Australia’s 19th largest trading partner globally. According to data from the Australian government, the UAE’s investment in Australia reached $12.6 billion in 2022.
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