Latest news with #economicRelations
Arabian Business
31-05-2025
- Business
- Arabian Business
Dubai Chamber of Commerce sees 216 new Filipino companies added in Q1
216 new Filipino companies joined the Dubai Chamber of Commerce during the first quarter of this year, adding to over 800 new Filipino firms that registered with the chamber in 2024. Salem Al Shamsi, Vice President – International Relations, Dubai Chambers, said the number of new Filipino companies joining the chamber in 2024 has risen by 18 per cent compared to 2023, indicating sustained momentum in economic relations between the two sides. On the sidelines of a trade mission organised by the Chamber of Commerce to the Philippine capital, Manila, Al Shamsi stated that the strong growth in registered Filipino companies reflects growing confidence in Dubai's business environment and reinforces the emirate's position as a global investment hub. Filipino companies in Dubai In terms of the total investment volume, Al Shamsi said that direct investments from Dubai to the Philippines had reached approximately $193m between 2021 and 2024, while Filipino investments in Dubai amounted to around $35m from 2020 to 2024. He noted that these impressive figures clearly highlight the attractiveness of the Philippine market to Dubai-based investors, while also demonstrating Dubai's ability to attract Filipino companies seeking international expansion. Al Shamsi explained that the Dubai Chamber's trade mission forms part of the 'New Horizons' initiative for overseas expansion, aligning with the chamber's ongoing efforts to open new markets for the city's companies and strengthen the emirate's economic footprint in Southeast Asia. Dubai Chambers is participating in the trade mission alongside 17 Emirati companies operating in diverse sectors, including food, agriculture, technology, industrial security, and manufacturing, with the aim of fostering economic ties and exploring trade and investment opportunities in the Philippine market. Al Shamsi stressed the ongoing effectiveness of the B2B meetings held between Emirati and Filipino companies, which help maximise partnership prospects, save time and resources for entrepreneurs, and ensure the missions deliver tangible economic outcomes. He added that the Philippine market is one of the most strategic for Emirati businesses, owing to its advantageous geographical location, diversified economy, large and youthful population, and increasing openness to foreign direct investment, particularly in sectors such as agriculture, logistics, light industry and information technology. He also highlighted the Philippines as a vital gateway to Southeast Asian markets, noting the considerable opportunities available for ambitious Emirati companies to capitalise on the growing demand for high-quality products and services from the emirate.
Zawya
29-05-2025
- Business
- Zawya
216 Filipino companies join Dubai Chambers in Q1 2025
A total of 216 new Filipino companies joined the Dubai Chamber of Commerce during the first quarter of this year, adding to over 800 new Filipino firms that registered with the chamber in 2024. Salem Al Shamsi, Vice President - International Relations, Dubai Chambers, said the number of new Filipino companies joining the chamber in 2024 has risen by 18 percent compared to 2023, indicating sustained momentum in economic relations between the two sides. In statements to the Emirates News Agency (WAM) on the sidelines of a trade mission organised by Dubai Chamber of Commerce to the Philippine capital, Manila, from 25th to 27th May, Al Shamsi stated that the strong growth in registered Filipino companies reflects growing confidence in Dubai's business environment and reinforces the emirate's position as a global investment hub. In terms of investment volume, Al Shamsi said that direct investments from Dubai to the Philippines reached approximately US$193 million between 2021 and 2024, while Filipino investments in Dubai amounted to around US$35 million from 2020 to 2024. He noted that these figures clearly highlight the attractiveness of the Philippine market to Dubai-based investors, while also demonstrating Dubai's ability to attract Filipino companies seeking international expansion. Al Shamsi explained that the Dubai Chamber's trade mission forms part of the 'New Horizons' initiative for overseas expansion, aligning with the chamber's ongoing efforts to open new markets for Dubai companies and strengthen the emirate's economic footprint in Southeast Asia. Dubai Chambers is participating in the trade mission alongside 17 Emirati companies operating in diverse sectors, including food, agriculture, technology, industrial security, and manufacturing, with the aim of fostering economic ties and exploring trade and investment opportunities in the Philippine market. Al Shamsi stressed the effectiveness of the B2B meetings held between Emirati and Filipino companies, which help maximise partnership prospects, save time and resources for entrepreneurs, and ensure the missions deliver tangible economic outcomes. He added that the Philippine market is one of the most strategic for Emirati businesses, owing to its advantageous geographical location, diversified economy, large and youthful population, and increasing openness to foreign direct investment, particularly in sectors such as agriculture, logistics, light industry and information technology. He also highlighted the Philippines as a vital gateway to Southeast Asian markets, noting the considerable opportunities available for Emirati companies to capitalise on the growing demand for high-quality products and services from Dubai. Al Shamsi reaffirmed Dubai Chambers' commitment to supporting the local business community in expanding into key global markets. "We at Dubai Chambers are focused on building sustainable economic bridges with global markets. Trade missions like this one help open effective channels of cooperation and turn opportunities into real partnerships," Al Shamsi said.
Free Malaysia Today
23-05-2025
- Business
- Free Malaysia Today
Asean should ‘choose neighbours' in US-China competition
US economist Jeffrey Sachs said Asean cannot do without its economic relations with China. PETALING JAYA : Eminent US economist Jeffrey Sachs said Asean should choose its neighbour – China – if it is forced by the US to pick a side in its great power competition with the Asian giant. 'The US should not try to make Asean choose. That would not only be unfair, but if Asean is forced to choose, you would choose your neighbour, China, obviously. 'This is because Asean cannot do without its economic relations with China. That's not even imaginable,' said Sachs, a professor at Columbia University and UN Sustainable Development Solutions Network president. He added that Asean should have good relations with all parts of the world rather than be in alliance with other countries or groupings. 'The idea is that Asean is a very open region, and trades with the US, Europe, China, and others. So, the US should not try to force Asean into making such choices,' he said during a dialogue on 'Asean amidst shifting global order' organised by Sunway University and the Jeffrey Cheah Foundation. Sachs made his comments in response to a question on whether strategic neutrality is still a viable option for Asean. For Malaysia, and Asean, China remains their largest trading partner. In 2024, Malaysia-China trade hit a record US$212 billion (RM917.4 billion), marking the 16th consecutive year China was Malaysia's No 1 trading partner. Since 2013, Asean-China trade has grown on average 7.5% a year, reaching US$982.3 billion (RM4.25 trillion) in 2024. A recent Bloomberg report said the administration of US president Donald Trump is preparing to pressure countries seeking reductions or exemptions on US reciprocal tariffs to curb trade with China. US treasury secretary Scott Bessent also said countries negotiating trade deals with the US should 'approach China as a group' together with Washington. In response, China has warned countries against striking an economic deal with the US at its expense, ratcheting up the temperature in a spiralling trade war between the world's two biggest economies. Sachs said if the US tries to put on secondary sanctions and impede Asean's economic relations with China, it would 'have to be resisted'. 'That's because neighbours need to trade, have common infrastructures and transport (links), manage riversheds, and so forth.' He said the 10-nation regional grouping should work closely with China in areas such as physical infrastructure and connectivity. 'This is a neighbourhood. The Belt and Road Initiative is a very important and positive initiative. It implements fast rail, renewable energy, and digital systems that are for everybody's mutual benefit,' he said. Sach added that Asean's goal should be openness to all. 'Be calm and don't get into a conflict. We don't want to be in the middle of your conflict, and there is no reason for conflict at all,' he said. In this regard, he suggested that foreign military bases in the Asian region be eliminated. The US has military bases in the Philippines, Japan and South Korea, all within striking range of its adversary China. 'Over time, I believe the US should leave (its bases in the region). We can't afford it anyway. 'President Trump says Japan and South Korea should pay for our services. I think Japan and Korea should say 'thank you very much but we don't need to pay'. If you want to leave, that's also fine,' he said.
Al Arabiya
13-05-2025
- Business
- Al Arabiya
US-China talks resulted in mechanism to avoid escalation: Bessent
The trade talks between the US and China in Geneva have resulted in a mechanism to avoid escalation, US Treasury Secretary Scott Bessent said on Tuesday in Riyadh. The US does not want a generalized decoupling between the two largest economies in the world, he said.
Bloomberg
11-05-2025
- Business
- Bloomberg
Treasury Secretary Scott Bessent on US-China Trade Talks
United States Treasury Secretary Scott Bessent spoke on US-China trade in Switzerland this weekend saying "we've made substantial progress" in trade talks. (Source: Bloomberg)
