Dubai-Singapore trade records Dh18 billion with 28% growth rate

DUBAI- H.E. Cheong Ming Foong, Consul-General of the Republic of Singapore in Dubai, praised Dubai Customs’ world-class business processes and practices.

He said,”The swift and streamlined customs clearance procedures adopted in Dubai make the emirate a destination of choice for Singaporean traders and businesses working in import and export from and to Middle Eastern countries. Add to that the availability of advanced infrastructure in seaports and airports, and the integrated array of government services offered to traders and freight companies, which saves them time and cost; making Dubai the best gateway to extend their reach into the region’s larger marketplace.”

He made this statement during a high-level visit to Dubai Customs to reinforce bilateral ties between the Singapore Consulate in Dubai and the Customs authority.

The Consul-General was accompanied by the Commercial Consul Mr.Lester Lu.

The Director of Dubai Customs H.E. Ahmed Mahboob Musabih welcomed the Singaporean delegation, praising the solid relations linking the United Arab Emirates and the Singaporean State and people.

He underscored that Singapore is one of Dubai’s leading trading partners in Asia. Dubai-Singapore bilateral trade grew 28% in 2013 to Dh18 billion – Dh7 billion for imports, Dh6.7 billion exports and Dh4.3 billion re-exports. Musabih emphasised Dubai Customs’ strive to boost trade by delivering exceptional services that best respond to the expectations of Singaporean traders and investors as well as local and international companies.

“Dubai Customs is committed to supporting the Dubai-Singapore commercial and economic relations by addressing the needs of Singaporean traders and investors and enabling them to have a real added value for their business operations in Dubai. To maximize their financial returns and make Dubai the most cost-effective destination for doing business, DC offers them top-notch customs facilitations,” said Ahmed Mahboob.

He further noted the vibrant role played by the Dubai Logistics Corridor,one of the largest multi-modal logistics platforms in the world, which links sea, land and air and bridges Jebel Ali Port, Jebel Ali Free Zone, Dubai Logistics City and Al Maktoum International Airport.The launch of this corridor has significantly improved the flow of sea-to-air cargo.

Cheong Ming Foong remarked,”There is a remarkable resemblance between Dubai and Singapore that we can build on to create a kind of integration that serves the global economy. Dubai is a major trade hub between the East and the West. Similarly, Singapore is an important gateway for Far Eastern markets, offering finance, businesses and medical tourism services. We highly value what Dubai has achieved so far. The emirate’s outstanding experience is globally acclaimed.”

Lester Lu pointed out that there are over 250 Singaporean companies operating in the United Arab Emirates in divers sectors such as energy, construction, banking, logistics, trade, telecommunication, real-estate investment, electronics, media, technology and aviation.

“As is the case for Dubai, Singapore is economically and commercially open to the world, with 26 free trade agreements linking it to various countries and economic groups worldwide. There are numerous UAE-Singapore investments in both countries, which boost the sustainability of their longstanding ties,” he added.