Ministry of Economy & Dubai Chamber discuss ways to enhance collaboration between public & private sectors
Dubai, 9 August 2020:H.E Abdulla Bin Touq Al Marri, UAE Minister of Economy, has reiterated the importance of the partnership between the public and private sectors as one of the basic pillars on which the country’s future economic plans are based, and is considered as one of the key drivers to sustainable development, during a meeting with H.E Dr.
Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs; and H.E Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, with H.E Majid Saif Al Ghurair, Chairman of the Dubai Chamber, and H.E Hamad Buamim, President and CEO of Dubai Chamber and a number of senior Chamber officials. The meeting, which was held at Dubai Chamber, was aimed at ensuring consensus among business councils and private sector representatives on the UAE’s economic visions.
During the meeting, H.E Abdulla Bin Touq Al Marri indicated that the UAE, since its inception, has believed in the importance of integrating roles between the government and the business community and had succeeded in developing an integrative relationship based on mutual trust between the two sides.
The meeting reviewed future economic trends and clarified the purpose of economic stimulus packages. Furthermore, the general framework of 33 initiatives adopted by the government were reviewed, followed by a discussion on how both sectors can complement each other’s roles to achieve the country’s economic vision.
H.E Bin Touq said: “The UAE’s business environment enjoys many competitive advantages, most notably the efficiency of companies operating in the private sector and their ability to adapt to changes, develop work mechanisms and overcome economic challenges.”
“The whole world is now facing unprecedented and challenging circumstances, but we, in the UAE, are led by a wise leadership and a highly competent and efficient government that functions according to proactive strategies that are not only aimed at dealing with the current situation, but also envisage long term sustainable development prospects. Our leadership is working on effectively capitalizing future opportunities and creating the necessary policies and infrastructure to maximize their potential.”
He added that the concerted efforts and raising the level of coordination at both federal and local levels and with private sector representatives is important to achieve the expected results of the flexible packages and economic initiatives that are being planned to be implemented in the next phase. Dubai Chamber is one of the most prominent partners of the Ministry of Economy in this regard given its pioneering role in representing the emirate’s private sector and facilitating effective communication between companies and the various other relevant government entities and institutions, he said.
Dr. Ahmad Belhoul Al Falasi, said that building a resilient, diversified and sustainable economy is the main focus in the next stage, and all government efforts are being concerted to achieve it by meeting a number of immediate priorities. It supports partnership with the private sector and the development of a supportive, dynamic and innovative environment for entrepreneurs in the country. This is most needed to stimulate economic activity and create new opportunities and further diversify the economic base, he added.
H.E Al Falasi also pointed out that the flexible packages adopted by the government prioritize providing support to owners of small and medium enterprises (SMEs) and enabling them to restore business activity and lessen challenges they might face during the initial stage of resumption of activities. They have been designed to create an enabling environment to promote innovative economic activities and ensure the availability of the necessary support policies for the achievement of these goals.
H.E Dr. Thani bin Ahmed Al Zeyoudi said that one of the strengths of the country’s economy is the presence of effective institutions to represent the private sector that greatly contribute to creating harmony and integration between the visions and requirements of the public and private sectors, by involving the business community in decision-making regarding the development of the economic climate. He emphasized that national and foreign investors are an integral part of the economic and developmental aspirations of the country, and that the Ministry has always remained keen to communicate directly with investors to understand the ground realities of the business environment and measure the impact of the measures and initiatives that are implemented to serve this vital sector.
Al Zeyoudi further emphasized that the next phase aims to provide bigger opportunities for the private sector to enter development projects, with priority given to projects that serve the country’s digital transformation efforts in various sectors.
H.E Majid Saif Al Ghurair, Chairman of the Dubai Chamber, called for intensified collaboration between the public and private sectors to continue driving growth and economic development. “Led by its futuristic vision supported by state-of-the art infrastructure, Dubai is able to offer services and economic incentives to enable business development,” H.E. added. “Dubai ranks amongst the top cities in terms of business competitiveness by empowering businesses to pursue sustained growth. Also, its geographic position serves as a gateway to new markets for businesses looking to expand overseas. Furthermore, especially in recent times, the city has set an example in transforming challenges into opportunities and providing innovative solutions to boost economic performance.”
H.E Hamad Buamim, President and CEO of the Dubai Chamber of Commerce and Industry, said: “Dubai Chamber provides a range of services to support and protect the emirate’s business community. We have been working closely with the Ministry of Economy over the years to drive sustainable economic growth. Together, we have launched initiatives to create an investment-friendly environment, enhance economic performance, and foster closer partnerships between the government and private sectors. Our collaboration has enabled businesses to play a bigger role in the implementation of the UAE’s strategic economic plans and distinguishing Dubai as a world leading business destination.”
Dubai Chamber plays a fundamental role in representing, supporting and protecting the interests of the business community in Dubai by supporting the growth of business, creating a stimulating environment for it and promoting Dubai as a global trade center. The number of Dubai Chamber members has reached more than 245,000 companies, Over the past decades, it has also contributed to highlighting Dubai’s position as a global center for business and investment, The Chamber has devoted its network of international relations and connections across the map of the world in the service of these goals, through its continuous support for the business community in Dubai, and its interaction with economic changes, as the Dubai Chamber has adopted an ambitious strategy to expand into promising foreign markets, in order to ensure the presence of the Dubai business community in the rewarding markets and enhancing their global competitiveness by opening 12 external representative offices around the world