Out of a total of $13.4 billion over 5 years

The UAE accounts for 74% of Gulf investments in ASEAN countries.

• The Dubai Chamber issued a report that monitors the sectors of joint cooperation with the ASEAN countries.

  archival

• Hamad Buamim: "Companies in the UAE and their counterparts in (ASEAN) are on an important date that marks the beginning of a new phase of cooperation."

picture

A recent report by the Dubai Chamber stated that the UAE accounts for 74% of the total Gulf investments in the “ASEAN” region, which amounted during the period from January 2016 to last September, about 13.4 billion dollars, compared to investments by the countries of the Association of Southeast Asian Nations, in The Cooperation Council for the Arab States of the Gulf, with $3.6 billion during the same period;

Of which a third came from Singapore.

The analytical report issued by the Chamber in cooperation with the "Economist" shed light on the commercial opportunities available between the "ASEAN" countries and the countries of the Gulf Cooperation Council in the period after the "Covid-19" pandemic.

forum

The release of the report, which was titled “Future Opportunities: Promoting Trade and Investment between the Association of Southeast Asian Nations and the Gulf Cooperation Council” countries, coincided with the organization of the Dubai Chamber, in cooperation with Expo 2020 Dubai, the first edition of the Global Business Forum for ASEAN countries. During the period between the eighth and ninth of this December under the slogan "Cross-Border Economic Partnerships".

study

And the Dubai Chamber said in a statement yesterday that the report was based on a survey of 200 senior executives from the Association of Southeast Asian Nations, conducted between May and July 2021.

She explained that the participants were chosen from a range of sectors: about 15% of them were employed in the sectors of agriculture, food, financial services, financial technology, retail trade, e-commerce, industry and energy, in addition to 10% selected from professional services and marketing.

imports

The report showed that over the past five years, electronics and machinery - which are among the three major export products of the Association of Southeast Asian Nations - have been among the most important commodities imported by the Gulf Cooperation Council countries.

Electronics represented 28% and machinery 12% of the $144 billion in imports from ASEAN countries between 2016 and 2020.

The existing trade relationship between the two regions is skewed in favor of imports to the Gulf Cooperation Council countries.

In contrast, only 2% of the total imports of Southeast Asian countries between 2016 and 2020 came from the Gulf Cooperation Council countries, although this share is rising even during the pandemic.

exports

However, Southeast Asian countries accounted for only 4% of total GCC exports during the same five-year period, equivalent to $126 billion.

The bulk of it was crude oil (43%) and plastic polymers (20%).

While polymer plastics exports from the GCC declined in 2020, crude oil exports rose by nearly 180 percent between 2019 and 2020, and have been steadily increasing since 2016.

The most important imports to the Gulf Cooperation Council countries are from Southeast Asia: electronics 28%, machinery 12% and vehicles 11%.

strong relationships

The Director General of the Dubai Chamber, Hamad Buamim, said, "Dubai and the UAE in general have strong commercial relations with (ASEAN) countries, and there is no doubt that hosting the World Business Forum for (ASEAN) countries will be a qualitative addition and an important step that comes at the right time to give these relations momentum. renewed, especially in the post-Covid-19 phase.

He added, "We affirm that the companies in the UAE and their counterparts in the (ASEAN) countries are on an important date that marks the beginning of a new phase of cooperation and enhances investment prospects and opportunities on both sides, and paves the way for launching many strategic partnerships."

Buamim stressed that the Dubai Chamber will continue to work on preparing and developing in-depth research studies rich with valuable information and data that allow decision makers to set growth plans according to scientific foundations that serve the goals of sustainable development.

KEY RESULTS

A Dubai Chamber report concluded four main results confirming that the digital economy will stimulate growth in the main sectors of the Association of Southeast Asian Nations, and that the countries of the Gulf Cooperation Council and the countries of the Association of Southeast Asian Nations have common ground to strengthen cooperation bonds in the future, and there is room to increase Trade in agricultural products, as the countries of the Gulf Cooperation Council depend on the Association of Southeast Asian Nations for only 7% of their total imports of food and beverages, while the last result was about the exchange of knowledge in key sectors, which can result in providing a framework for strengthening bonds of cooperation between the two regions.

Electronics captured 28% of the value of Gulf imports from ASEAN.

• $3.6 billion in investments by the Association of Southeast Asian Nations in the Gulf States.

Follow our latest local and sports news and the latest political and economic developments via Google news