Dubai Customs Declarations Herald Significant Growth in Trade
In his quarterly meeting with the business groups in Dubai as part of the Dubai Customs Consultative Council, H.E. Ahmed Mahboob Musabih, CEO of Ports, Customs and Free Zone Corporation, Director General of Dubai Customs stated that the 50 UAE Government initiatives will boost the economy, attract new investments and augment trade activity.
The initiatives will be the cornerstone of growth as the country marks 50 years since unification.
Bold targets were set for the projects including 10% increase in exports to 10 global markets, raising mutual trade with certain markets by $11 billion annually, creating economic opportunities to attract $150 billion of foreign investments in 9 years.
Musabih confirmed Dubai Customs’ commitments to contribute to the 50-project initiative thanks to its smart services and customs facilities that enhance business activity, reduce cost on companies and increase their revenues.
Speaking to heads and representatives of Dubai business groups Musabih added; “I want to share more good news with you. Dubai Customs completed more than 12.7 million customs declarations in the last eight months, which reflects a robust economy and heralds a quick recovery from the pandemic.
"More than 99% of these transactions were completed through Dubai Customs smart systems and channels.
"We expect Dubai non-oil external trade to keep the momentum of growth in the next years to hit the 2 trillion dirhams target following the directives of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.
“Dubai Customs is delivering exceptional services to the exhibitors and visitors of EXPO2020, which will kick off in 1st October. This global event is expected to give new strength to different economic sectors.
"Among the unique services, Dubai Customs dedicated to the event is EXPO2020 Smart Customs Channel, the Smart Audit Channel, the integrated B2b business channel and iDeclare App.
"Dubai Customs has turned into an example to follow worldwide, and client happiness levels reached 98%.”
In the meeting, efforts and plans to contribute to the 2 trillion target were discussed. These included the development of Authorized Economic Operator, which now runs 74% of customs transactions, and Dubai Trade platform, which is integrated with EXPO.
It is estimated that 21.6 million transactions will be completed through Dubai Trade in 2022. New trade routes will be launched. Other initiatives, such as the World Logistics Passport and Traders’ Market will further facilitate and enhance trade activity.
Participants also discussed the Dubai e-commerce strategy, which aims to foster Dubai as a global logistic platform, with expectations for e-commerce to contribute $2.5 billion to the GDP by 2023.
Ramy Zaki, Chairman of Multinational Companies Business Group discussed the importance of more cooperation between the private and public sectors to create more opportunities.
Ravi S Kuchimanchi, President of the Supply Chain & Logistics Group talked about Dubai dynamic role in containing the spread of the pandemic and the new global trends including automation of procedures, which was further necessitated by the pandemic.