Dubai Chamber explores investment opportunities in the Belarusian market

H.E. Hisham Abdullah Al Shirawi, 2^nd Vice Chairman, Dubai Chamber of Commerce and Industry urged businesses from Dubai to exploit investment opportunities offered by Belarus, which he said is one of the fastest emerging markets of the world while he also called upon Belarusian business to expand their business activities in the region from Dubai. 

Al Shirawi was speaking at Dubai Chamber’s Country Focus Briefing: The Republic of Belarus 2013, held in cooperation with the Belarusian Embassy at the Chamber headquarters on Wednesday. The briefing was organised as part of Dubai Chamber’s initiative of exploring investment opportunities in promising markets of the world for its members while enhancing the competitiveness of Dubai businesses in the overseas business arenas. 

The 2nd Vice Chairman of Dubai Chamber added that Belarus has a clear strategic vision to be a transit hub between the Customs Union, comprising itself, Kazakhstan and Russia, and the rest of Europe. This can offer traders in Dubai opportunities to reach out to new markets and vice versa as traders in Belarus and the surrounding countries can use Dubai as a gateway to Middle Eastern, African and Asian markets. 

Dubai, with its close proximity and historical trade links to these markets offers Belarusian companies a direct route and easier access. Our city’s unique land, sea, air network offers traders some of the finest transport and logistics options. And our infrastructure and healthy business climate facilitates trade and investment flows, said Al Shirawi. 

The briefing was attended by H.E. Anton Koudasov, Deputy Minister of Economy, Belarus Ministry of Economy, Mr. Vyacheslav Reut, First Vice-Chairman, Belarus Chamber of Commerce and Industry, and a large number of delegates from Dubai and Belarusian business communities, who were eager to learn about the strong investment potential to enhance trade and investment flows between the two trading partners. 

Highlighting potential investment areas for UAE businesses, Al Shirawi informed that Belarus’s industrial base is well developed, with manufacturing being the leading FDI business activity while machinery equipment is one of the country’s main exports and this is one area where joint ventures between Belarus and Dubai businesses could have significant impact, he said. 

He further stressed that Dubai today is a leading example of a diversified economy which is led by its lucrative sectors of trade, tourism, logistics and financial services which are the main drivers of the emirate’s economic growth. 

“Our members’ exports and re-exports to Belarus valued AED 82 million and it was Dubai’s 147th trade partner and we would like to see this increase through joint efforts between our two sides,” said Al Shirawi. 

He urged Belarusian businesses to participate in the Africa Global Business Forum in May and explore potential business opportunities across Africa, using Dubai as an access route and base. 

On his part, H.E. Anton Koudasov, Deputy Minister of Economy, Belarus Ministry of Economy, stressed that Belarus and the UAE have a lot in common like both being the gateways to their particular regions, having an open economy and business-friendly policies which can be used to their advantage in enhancing bilateral ties between the two countries. 

He called upon his delegation and his country’s businesses to improve trade ties with their UAE counterparts and to explore every possibility of doing business with the emirates. 

On behalf of his Ministry and the Belarus Government, the Belarusian Deputy Minister of Economy offered a hand of partnership which he said will last for a lifetime. 

He informed that Belarus has seen a per capita GDP growth of 33% and an average 14% investment growth in the last five years and ranked 9^th amongst the top 10 countries in the East European region as he invited UAE businesses and their partners from Russia and Kazakhstan to invest in his country. 

H.E. Koudasov said the main driver of economic growth of Belarus is traditionally industry while the main contributors to this growth are also trade and catering, agriculture and forestry as manufacturing accounted for 90% of the growth adding that the country’s transportation infrastructure includes pipelines for the transportation of natural gas, oil and oil products, a well-developed network of railways, air routes from Minsk which reach 19 foreign countries as well as the maintenance of navigable internal waterways which is an important priority for the Government. 

The Belarusian Deputy Minister of Economy pointed out that 5,700 companies have been started in Belarus with foreign capital, with investors from more than 77 countries choosing Belarus while the most favoured sectors for investors have reflected Belarus’ traditional strengths with machine-building and metal-working, chemical and petrochemical, and timber. Consumer goods, retail, communication, transport and medical sectors have also proved attractive, he said.

On his part, Mr. Vyacheslav Reut, First Vice-Chairman, Belarus Chamber of Commerce and Industry, extended an open invitation to Dubai Chamber to bring its delegation to his country and to explore the investment opportunities which he said will lead to joint cooperation in many mutual areas of interest for both the sides. 

Belarus is one of the most economically developed countries of the CIS. Its economic share of industry is nearly one third of the volume of national product. The most developing branches of industry are motor-car and machine-tool construction, oil mining and processing, production of synthesised fibre, fertilisers, pharmaceutical industry, production of building materials, light and food industries. 

The Gross Domestic Product growth in the last five years stood at 1.5% while agricultural output growth was 6.1%. The country succeeded in attracting Foreign Direct Investments worth $1.4 billion as its share of innovative products in the total volume of production was 17.9%. 

Launched in 2010, the Dubai Chamber initiative of the Country Focus Briefing is organised in association with embassies, consulates, business councils, trade centres and representative offices of target countries. The main objective of the briefing is to introduce business opportunities in one chosen market to Dubai’s business community so as to empower them to explore emerging export destinations, develop relationships with relevant trade bodies as well as enhance their competitiveness in the global business arena. 

So far, the initiative has brought into focus new markets like Chile, Switzerland, Japan, Turkey Brazil, Ethiopia, Australia, the Netherlands, Kurdistan, Kazakhstan, Qatar and Czech Republic.