The Dubai Economic Council (DEC) organised the "International Trade Finance for Sustainable Economic Development" seminar in partnership with Deutsche Bank, Standard Chartered, FIIC and Pinsent Masons, on Sunday at the InterContinental Festival City hotel in Dubai.
The event was attended by Hani Al Hamli, DEC Secretary-General, Rob Waller, United States Consul General to Dubai, representatives of local departments, private companies, as well as representatives of American companies operating in the UAE and major banks.
Al Hamli said that today the world has become more complex and interactive than ever -a world based on the principles of inter-dependency, cooperation and coordination at the level of governments and institutions in various aspects, importantly economic, financial and trade.
"In light of economic and financial globalisation, there is an increasing importance of the role of international institutions in the financing of development programs in many countries around the globe in order to bridge the gap of financial resources and provide support and technical advice in various areas of development, especially infrastructure," he added.
He stressed the important role played by Export Credit Agencies (ECAs) such as the US Export Import Bank and other financial institutions- in addition to financial service companies- in promoting cross-border international finance to emerging countries that need adequate funding so they can proceed with their development programmes.
Al Hamli pointed out that in its vision to be the strategic partner for the Government of Dubai in economic policy-making, and its mission to advise the government on innovative economic strategies and advocate sound economic policies that promote prosperous business environments, as well as to enhance Dubai's competitiveness in the world economy, the DEC has adopted the strategy of partnerships and alliances with many of the decision-making centres, both locally and internationally, international financial institutions, economic policy research centeres, among many others, in order to exchange advice, expertise and cooperation in various issues of strategic importance for the local economy. The council is more focused on the financial aspect through its cooperation with international institutions, as we believe in that funding represents the cornerstone of any development process.
Specifically, commercial financing with low cost and concessional terms has exceptional importance to the national economy due to its role in the business sustainability, whether internally or externally, it is beneficial to all parties involved in the economic process on one hand, in addition to its role in promoting economic relations between the trading partners on the other hand.
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