Abu Dhabi Chamber inks cooperation agreement with Tel Aviv counterpart

The Abu Dhabi Chamber of Commerce and Industry (ADCCI) has signed an agreement with Tel Aviv Chamber of Commerce (TACC) to increase trade cooperation in a range of business-related sectors.

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

The agreement will help facilitate investment opportunities for businesses in both countries and increase trade delegations as well as the organisation of virtual economic events, official news agency WAM reported.

TACC was represented by the Federation of Israeli Chambers of Commerce.

#ADCCI and @TlvChamber have signed a cooperation agreement that paves the way for bilateral cooperation to serve their supportive business environment as a global system for positive partnership, transferring mutual expertise, best practices and investments..(1/2) pic.twitter.com/IZShaxrC9J

— Abu Dhabi Chamber (@adchamber) February 16, 2021

By virtue of the agreement, both sides will work towards providing the necessary tools to attract regional and international investments, exchanging experiences and offering the necessary training programmes to boost the capabilities of their members. Both sides will also conduct economic studies about regional markets and explore partnerships that may lead to trade cooperation between different 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. “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 capital emirate with more than 100,000 member companies.

Meanwhile, 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.”

“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.”