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Conference Examines Role Of Finance In Increasing Competitiveness
(27 November 2017)

 

The UAE Chapter of the International Chamber of Commerce, ICC-UAE, and the Dubai Chamber of Commerce and Industry Sunday organised the 6th ICC-UAE Trade Finance Conference, which attracted the participation of more than 100 representatives from the UAE’s business community.

The conference, held at the offices of the Dubai Chamber, provided participants with an overview of economic trends and regulatory developments impacting trade finance, as well as the new tools and technologies that are improving efficiency within the industry.

Addressing delegates at the conference, Humaid Ben Salem, Chairman of ICC-UAE, highlighted the importance of trade finance in enhancing business competitiveness and stimulating international trade.

He noted that the financial sector is one of the main pillars of the UAE economy, accounting for 10 percent of the country's GDP. He explained that the ICC plays an active role in promoting cross-border standardisation and facilitation, and added that the ICC-UAE Trade Finance Conference was organised to help corporate decision-makers develop the right strategies to boost trade finance.

During the conference, presentations and sessions covered a wide range of issues and topics, including Dubai’s economic prospects, the impact of the value added tax, VAT, on the UAE’s banking sector, the emergence of structured trade finance, bank guarantees and credit insurance, as well as FinTech and trade finance digitalisation.

In his remarks, Hassan Al Hashemi, Secretary General of ICC-UAE, presented an overview of Dubai’s economy and its growth prospects for the future. Vincent O’Brien, member of the ICC Banking Commission’s Executive Committee, presented the results of the ICC 2017 Trade Finance Survey, and shared valuable insights to help business leaders make informed decisions.

Established in 2004, the ICC-UAE represents commercial, industrial and business enterprises at a country and global level, and promotes the scope and reach of the UAE business community around the world.

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