(MENAFN Editorial) Dubai Exports, the export promotion agency of the Department of Economic Development (DED) “ Government of Dubai, today hosted a networking seminar in partnership with the Trade and Export Middle East magazine to highlight business an investment opportunities across in Central Asia
The 'Trade & Investment Central Asia' seminar brought together diplomats as well as experts in doing business and evaluating prospects across varied industry sectors in Central Asian countries, chiefly Kazakhstan, Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan.
Speakers at the seminar led the audience through the investment landscape of Central Asia and the economic strategies of the individual countries, which drives demand for varied goods and services, including Islamic Finance. Major exports to Central Asia and the strategic advantages that the UAE has in reaching out to this promising region were also discussed
Engineer Saed Al Awadi, Chief Executive Officer of Dubai Exports, remarked in his opening address that businesses in the UAE can be a major presence in Central Asia, supplying to various sectors from oil and gas extraction to food processing and packaging.
"The Central Asian region has a healthy appetite for imported goods and in some cases is willing to pay more for quality, innovative technology and service. The services sector especially has strong prospects in the increasingly diversifying Central Asian economies," Al Awadi said, adding that Dubai is best-placed to be a major exporter and re-exporter to Central Asia
Speakers at the seminar included His Excellency Kubanychbek Omuraliev, Consul General of the Kyrgyz Republic in Dubai; Prasad Abraham, CEO - Kazakhstan, l Hilal Bank and Liana Coyne, Director, Coyne Airways.
Central Asia has seen unprecedented economic growth since 2000 and it continues to reflect on domestic demand. Exports and imports increased eight-fold in Kazakhstan during the past decade while in Kyrgyzstan imports grew by two-and-a-half fold. Over the same period imports more than doubled in Tajikistan and grew four-fold in Turkmenistan. In Uzbekistan imports grew by more than three times.
Dubai Exports led a successful multi-sector trade mission to Kazakhstan in September 2012 to help local firms enter Central Asia in addition to attending KazBuild, the leading construction fair in Kazakhstan. In 2013 too Dubai Exports co-ordinated the UAE participation in KazBuild
"This year we hope to extend our participation at BakuBuild and Kazbuild. In the forthcoming period we hope to explore the possibility of arranging trade missions and participating in exhibitions in Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan," Al Awadi said
"Central Asia has a lot of untapped investment opportunities for UAE businesses because of its strategic location, abundant natural resources and proximity to the UAE. Hydrocarbons, construction, agriculture and Islamic finance have great potential in driving cooperation between both regions," commented Aparna Shivpuri Arya, Senior Editor, Trade and Export Middle East magazine
Dubai Exports seek to build export awareness among local companies and encourage them to start exporting and consider expanding to new markets. The agency has an innovative portfolio of services to meet the growing demands and challenges of the business community, including in building capacity and competitiveness.