The Memorandum of Understanding was signed with the Thai Chamber of Commerce with the Dubai Chambers as a formal process. This will propel forward the aspects of boosting economic and trade relations between Dubai and Thailand.
PC: Zawya
Most notably, this agreement will trigger new investments in diverse fields, like energy, the digital economy, agriculture, tourism, and hospitality.
Key Objectives and Areas of Cooperation
The MoU brings closer ties in the exchange of delegations and trade missions and shared knowledge. Through it, joint business events in Dubai and Thailand are also being organised. The agreement outlines cooperation in the organisation of exhibitions and supporting business activities in both regions, hence enabling both chambers to harness and expand mutual trade networks.
The MoU is also very significant in its commitment toward the simplification of commercial dispute resolution. Because of increased arbitration efforts, the chambers are more geared toward resolving any conflict that would arise between companies operating across these markets. The outcome is mostly said to bring about a smoother, transparent business environment for both entities from Dubai as well as Thailand.
Strategic Vision for Dubai Chambers
H.E. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, said during the signing ceremony that he is fully committed to the strengthening of Dubai’s global partnerships for trade. The official commented: “We are devoted to developing our international partnerships with nations around the world to expand the volume of trade and investment ties between Dubai and other countries, to promote the growth opportunities of companies in various markets, and to solidify Dubai’s position as a global business hub.”
This MoU is further part of the overall strategy of Dubai Chambers in opening new trade and investment avenues for local businesses. It puts Dubai forward as a pre-eminent business destination on a global scale, which further goes hand in hand with the agenda of a more ambitious initiative called the Dubai Economic Agenda, D33, into doubling the economy of Dubai over the next decade and placing it among the top three cities in the world.
Role of Dubai Economic Agenda (D33)
The activities and initiatives pursued by the Dubai Chambers, wherein lies this MoU, shall contribute toward an investor-friendly environment and support the vision of the Dubai Economic Agenda. Under D33, the agenda is beyond economic growth, strengthening the voice of establishing Dubai as a headquarters for digital transformation, a solid international business environment, and the city of innovation.
For example, Dubai Chambers developed the D33 strategy and some key focus areas in order to spur the improvement of the business environment of the emirate, attract foreign investments into the country, boost the international expansion of local businesses, and spur Dubai’s digital economy growth. Furthermore, Dubai Chambers notes positive advocacy and maintaining excellence in all of its interactions with its customers and partners.
Strengthening Ties for Mutual Growth
This cooperation of Dubai with the government of Thailand points out that Dubai Chambers are supportive of local businesses while expanding globally. The partnership provides an opportunity for new markets, cross-border investments, and the creation of economic ties between Thailand and the UAE.
With the agreement set into place, it becomes evident that both the governmental chambers have set up a foundation for a prosperous future since they have reinstated their respective roles within their respective economies and then contributed toward sustainable growth within key sectors.
