Trade between Germany, GCC set for steady growth

UAE imports from EU giant topped €7.5b in 2010

Dubai Trade ties between Germany and the countries of the Gulf Cooperation Council (GCC) are strong and expected to grow steadily thanks to the ongoing process of mutual co-operation and engagement between the governments and private sectors in these countries.

Trade volumes between the GCC and Germany, one of the world’s leading exporting nations, have more than doubled over the last decade, according to f igures released by the Arab German Chamber of Commerce and Industry.

In 2010 trade between the two was worth €16.98 billion (Dh79.04 billion), placing the GCC among the leading export markets for German products.

Hans-joachim Otto, German Parliamentary State Secretary for the Federal Ministry of Economy and Technology, sai d: “The GCC represents one of the most significant trading partners for Germany, being among the leading co ns umers of German products and services. Our relations have been historically strong and they continue to grow, thanks to greater interaction and mutual engagement.”

In 2010, Germany was Saudi Arabia’s third largest trading partner with exports to the kingdom totalling €5.7 billion. This was up 17.9 per cent from 2009. The UAE was the largest buyer of German products in the Arab world, importing €7. 5 billion worth of goods, making Germany its fourth largest trading partner.

Strong platforms

Wolfgang Marzin, chairman of the board of management of Messe Frankfurt, said: “Trade events are strong platforms for companies and manufacturers of products and services to gain access to new and untapped markets. Over the years of organising trade events around the world, we have tried to tailor our portfolio to closely match the requirements of our partners and the regions they serve. The Middle East has developed into one of our most exciting regions, with our events enjoying great patronage and achieving encouraging and growing results.”

Meanwhile, the Dubai World Trade Centre anticipates 2012 will be one of its busiest years with more than 5,000 exhibiting companies and 135,000 trade visitors from over 150 countries expected in January alone.

This strong start to 2012 further enhances Dubai’s strategic position as the leading regional business hub and events destination.