Dubai Commerce Chamber Fosters 180 Business Discussions in Philippines to Enhance Trade Relations
Dubai's trade mission to the Philippines, spearheaded by the Dubai Chamber of Commerce, has cultivated 180 bilateral business meetings as part of the 'New Horizons' initiative. This strategic endeavor aims to solidify economic ties between the two nations.
The mission marked the beginning of Dubai Chamber's outreach in Southeast Asia, assembling executives from 17 Dubai-based companies representing sectors such as food and beverages, construction, electronics, and investment. The objective was to delve into potential expansion and collaboration opportunities within the Philippines.
The 'New Horizons' initiative is geared towards supporting the global expansion of Dubai's private sector while deepening trade relations with high-potential markets. According to Salem Al Shamsi, Vice President of International Relations at Dubai Chambers, the mission serves to position Dubai as a global trade hub and boost its non-oil exports.
A significant part of the visit saw the chamber hosting a business forum, in collaboration with the UAE Embassy in Manila and major Philippine trade bodies. The event attracted 314 participants and showcased keynote speeches from influential trade and investment leaders from both countries.
A Memorandum of Understanding was signed between Dubai Chambers and the Philippine Chamber of Commerce and Industry, a move that paves the way for greater cooperation and exploratory partnerships. The collaboration may encompass trade missions, business-matching missions, and more.
Dubai Chambers also emphasized sectors like leather and car parts as key export opportunities for Filipino businesses. Furthermore, they identified potential investment avenues in the Philippines' tourism, logistics, and healthcare sectors.
The non-oil trade between the two countries reached AED3.1 billion in 2024, while the number of Filipino companies registered with Dubai Chamber saw a 37% year-over-year increase, culminating in 2,154 registered businesses by the end of the same year. These figures underscore the burgeoning economic partnership between Dubai and the Philippines, with a focus on broadening trade and investment prospects.
The Dubai Chamber of Commerce's initiative aims to expand economic ties with high-potential markets, specifically the Philippines, in sectors such as food and beverages, construction, electronics, and investment. The 'New Horizons' initiative seeks to position Dubai as a global trade hub and boost non-oil exports, with potential avenues for investment identified in the Philippines' tourism, logistics, and healthcare sectors. The signing of a Memorandum of Understanding between Dubai Chambers and the Philippine Chamber of Commerce and Industry opens possibilities for increased cooperation, including trade and business-matching missions. The burgeoning economic partnership between the two countries is evidenced by the increasing number of Filipino companies registered with Dubai Chamber and the non-oil trade reaching AED3.1 billion in 2024.
