UAE, Poland explore investment potential

Dubai Chamber of Commerce and Industry (DCCI) on Sunday organised UAE-Poland Business Forum at its headquarter on the occasion of the visit of Prime Minister of the Republic of Poland, Donald Tusk to the UAE. The forum was held in the presence of Sultan Bin Saeed Al Mansouri, UAE Minister of Economy, Abdul Rahman Saif Al Ghurair, Chairman and Hamad Buamim, Director General, Dubai Chamber, besides representatives of a cross-section of private sector companies in Dubai. Delivering the keynote address, Al Mansoori 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. The UAE minister 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 Mansoori informed that the GDP of the UAE amounted to $270 billion while the country’s economic growth ranged between 3.5 per cent and 4 per cent in 2010-2011 and is expected to continue at the same rate this year. In his address, Donald Tusk, Prime Minister of the Republic of Poland, 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. He 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. The Polish Prime Minister also said that Poland is one of the promising investment hubs in the European Union and is the only country in the Union that has shown resistance to economic crisis and is capable of serving as a gateway to UAE investments in Central and Eastern Europe. Earlier in his welcome address, Abdul Rahman Saif Al Ghurair, Chairman, Dubai Chamber, 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. Highlighting the trade exchange between Dubai and Poland, Al Ghurair informed that in just 10 months, between January and October of 2011, Dubai’s non-oil trade with Poland valued at Dhs1.8 billion and together we can take these figures to higher levels. Ms. Bozena Czaja, Deputy Director of the Polish Information and Foreign Investment Agency, spoke about Doing Business in Poland. The Deputy Director of the Polish Information and Foreign Investment Agency further stressed that the trade exchange between Poland the UAE varies between $300 and 800 million annually and the good exported by the country to UAE includes mechanical and electric appliances — 33 per cent, non-precious metals — 16 per cent, food products — 8 per cent, cosmetics — 7 per cent while goods imported are aluminium — 65 per cent, plastics — 21 per cent and textile materials — 7 per cent.