The advisory board held its meeting amid positive indicators of economic growth
Dubai Customs: Indicators of 2022 cause optimism in all economic sectors
The Advisory Board of the Dubai Customs Department held a meeting, in an atmosphere of optimism regarding the growth indicators of the various economic sectors in the UAE.
The meeting, which was held via visual communication technology, discussed the prospects for trade recovery and the multiple economic benefits that the historic agreement of the comprehensive economic partnership between the UAE and India will provide, as trade between the two countries will double by 120% to $100 billion within five years, compared to $45 billion currently.
Positive indicators
The Director General of "Dubai Customs", CEO of Ports, Customs and Free Zone Corporation and Chairman of the Advisory Council, Ahmed Mahboob Musabih, stressed that the indicators for the year 2022 give rise to optimism in all economic sectors, noting that the UAE played a decisive role in containing the "Corona" pandemic. And the effects that it has had through the continuous development of strategies and innovative initiatives that have managed to absorb the repercussions of the crisis.
He added: "The UAE has succeeded in facing challenges and turning them into real opportunities to support economic growth, as the World Bank report stated that the economic recovery in the UAE will continue during 2022, and that growth will reach 4.7%, driven by the oil and non-oil sectors, and the value of the UAE's foreign trade was recorded. In 2021, nearly 1.9 trillion dirhams, achieving a growth of 27% compared to 2020, and an increase of 11% compared to 2019.”
Mosbeh stressed that the growth included all components of trade, including export, import, and re-export, expecting the commercial sector to continue growing during the current year.
He pointed out that the UAE adopted in October 2021 the federal budget for the years 2022-2026 with a total of 290 billion dirhams, to be the largest federal budget in the history of the UAE, noting that the budget translates the state's commitment towards achieving national development and providing a decent life for its people.
He pointed out that the comprehensive economic partnership agreement between the UAE and India inaugurates a new era of economic cooperation based on mutual interests, as it helps reduce tariffs and facilitate trade between the two countries significantly, supported by innovative initiatives such as the approved economic operator and the cross-border e-commerce platform, as well as the logistic passport initiative. .
development of trade exchange
For his part, the Chairman of the Indian Professional Business Council, Suresh Kumar, stressed the role of the Comprehensive Economic Partnership Agreement during the next stage in terms of developing trade exchange, as it includes many strategic aspects.
He pointed out that the UAE's investments in India amount to $67 billion, and India's investments in the UAE are $18 billion.
The meeting also dealt with a presentation by the "Dubai Gold and Jewelery Group", presented by Rohan Seroya, and dealt with the diamond trade and its types. The meeting also witnessed a presentation by the group of steel producers presented by Vivek Bhatia, during which he stressed that Dubai is a pivotal and promising commercial market for the production and distribution of steel.
Follow our latest local and sports news and the latest political and economic developments via Google news