Wednesday 30 November 2022 - 1:00:49 am

Abu Dhabi Chamber signs economic cooperation agreement with Tel Aviv Chamber of Commerce

ABU DHABI, 16th February 2021 (WAM) - The Abu Dhabi Chamber of Commerce and Industry (ADCCI) has signed a cooperation agreement with Tel Aviv Chamber of Commerce (TACC), represented by the Federation of Israeli Chambers of Commerce, during a virtual meeting, to increase trade cooperation in a number of business-related sectors.

According to the agreement, both sides will jointly work to extend bridges of cooperation in a number of pivotal investment sectors including tourism, technologies, agriculture, medicine and digital professions.

The agreement will contribute to increasing investment opportunities before businesses in both countries and thus, increasing trade delegations as well as the organisation of virtual economic events, which will serve the business communities of both sides and help coordinate the joint efforts in promoting regional trade.

Both sides will also conduct economic studies about the markets of the region and explore the partnerships that might form a basis for trade cooperation between the different and promising economic sectors in both Abu Dhabi and Tel Aviv.

Mohammed Thani Al Rumaithi, Chairman of the ADCCI, said that the Chamber is completely ready to provide all the necessary services to support the cooperation between the two sides in all sectors and on all levels, especially after signing the historic peace treaty with Israel.

"This will boost economic cooperation and investment partnerships between the two countries, considering them as prominent economic powers in the Middle East," he added.

The ADCCI is the official representative of the private sector in the Emirate of Abu Dhabi with more than 100,000 member companies.

By signing the new agreement with TACC, both sides will work towards increasing business opportunities for the private sector; providing the necessary tools to attract regional and international investments; exchanging experiences; and offering the necessary training programs to boost the capabilities of their members in doing business.

Adv. Uriel Lynn, President of the Federation of the Israeli Chambers of Commerce noted, "The agreement with Abu Dhabi’s Chamber of Commerce, the largest and leading Emirate in the UAE, is a significant milestone in the ongoing developing relationship between both parties. This important step paves the way for additional collaborations in various sectors. It is also a great opportunity to launch a platform for Israeli export to the Indian subcontinent and Southeast Asia."

Lynn emphasised, "The partnership between both Israel and the UAE sets an example to other world economies on how to upgrade their standard of living by correctly allocating national resources."

WAM/Hassan Bashir/MOHD AAMIR