The Dubai Multi Commodities Centre signed a preliminary agreement with the Polish Investment and Trade Agency on Monday to bolster bilateral trade between the two countries and strengthen economic ties.
The agreement, which will deepen the existing ties between DMCC and PAIH, will also lead to the organisation of joint events and knowledge exchange and connect business communities.
“The UAE is Poland’s largest economic partner in the Arab World and the signing of an MoU with DMCC solidifies this relationship," said Grzagorz Slomkowski, executive vice president, PAIH. "This agreement will unlock many opportunities for Polish businesses looking to set up in Dubai and for DMCC’s member companies to access the attractive Polish market."
Annual bilateral trade between Dubai and Poland has exceeded $1 billion, the companies said.
“The UAE and Poland have a long-standing relationship that extends across multiple disciplines, including trade and economics," said Ahmed bin Sulayem, executive chairman and chief executive of DMCC.
"With Poland being the 10th-largest economy in the EU, I am honoured to sign an MoU with the Polish Investment and Trade Agency on behalf of DMCC. We look forward to further strengthening our relationship to better support the global expansion of Polish businesses through Dubai.”
The UAE is aggressively seeking to boost trade as it seeks to attract Dh550bn ($150bn) worth of inward foreign investment over the next nine years.
The country said in September it would engage in talks with eight countries, namely India, Britain, South Korea, Ethiopia, Indonesia, Israel, Kenya and Turkey to increase bilateral trade.
The value of UAE’s non-oil trade with the rest of the world grew an annual 27 per cent in the first half of the year to Dh900bn, state news agency Wam said earlier this year. The increase is 6 per cent higher than the first half of the year in 2019.