Trade promotion bodies help boost GDP growth

Trade promotion companies bring substantial returns in conditions of diversifying exports and export marketplaces and also in nation branding and financial growth, says a written report published by the International Trade Center (ITC), a joint affiliate marketer of the World Trade Organisation (WTO) and the US.

Based on the report, each and every dollar allocated to export promotion generates $87 worth of extra exports and a $384 upsurge in gross domestic item (GDP)

The top 10 marketplaces for Dubai Exports in 2015 were India, Saudi Arabia, Iran, Oman, Singapore, Bahrain, USA, Turkey, Kuwait, and Iraq. In 2016 the concentrate is on additional diversifying exports from Dubai to 15 countries – China, India, Russia, Saudi Arabia, Qatar, Egypt, France, Hong Kong, Vietnam, Nigeria, Rwanda, Brazil, Paraguay, Azerbaijan, and Uzbekistan.

Sami Al Qamzi, director-general of the Division of Economic Advancement (DED) in Dubai, said the emirate is uniquely positioned to benefit from sustained focus in trade and export promotion.

“Dubai continues to evolve right into a strategic production, re-export and export hub. The more regional companies realise their export potential and the even more Dubai communicates its advantages as a resource market for varied products overseas, the outward-looking growth technique of Dubai and the UAE could have the desired results, including a favourable stability of trade,” stated Al Qamzi.

Engineer Saed Al Awadi, CEO of Dubai Exports, the export promotion company of DED said the part of trade advertising organisations (TPOs) in traveling growth is becoming more important with the global trade picture becoming more dynamic and volatile.

“A mere one % upsurge in export promotion spending budget is seen to improve overall exports by 0.074 %. Besides, the indirect effect of such investment displays on the domestic overall economy, as development in related sectors such as for example manufacturing and logistics, furthermore to reinforcing the foundation marketplace as a competitive destination to accomplish business,” added Al Awadi.

Al Awadi said the in depth services supplied by Dubai Exports offers led to improved awareness on quality and best international methods among small to moderate and huge enterprises in different sectors.

“We possess initiated a couple of products aimed to enhance the worthiness of exports through Dubai. Through general market trends, raising export markets consciousness, teaching and participation in exhibitions and trade missions we are allowing large firms along with small and moderate enterprises (SMEs) in Dubai and the UAE generally to compete players in the global source chain,” added Al Awadi.

Dubai Exports has six overseas offices currently, connecting producers and exporters in the UAE to potential worldwide markets. The company also collaborates with worldwide organisations like ITC, UNCTAD, UNIDO (US Industrial Advancement Organisation) and GOIC (Gulf Organisation for Industrial Consulting) to remain updated on export-related info and shares critical understanding within the exporter community through initiatives like the Dubai Exports Academy and Exporters’ Forum.

Source: KhaleejTimes