The Dubai Multi Commodities Centre or DMCC, an international free zone for business, is therefore facilitating partnership between Dubai and Vietnam’s Web3 and AI markets. This comes after the UAE and Vietnam recently signed the Comprehensive Economic Partnership Agreement (CEPA) in October with an aspiration to take the bilateral trade to $20 billion from current $5 billion.
Tech Connectivity Roadshows: A Growing Concept
In its second Made for Trade Live event this year in Viet Nam, DMCC invited more than 650 leaders of businesses, start-ups and founders to both Hanoi and Ho Chi Minh City. The events highlighted the opportunities for bilateral cooperation in trade and investment in innovative technologies with Web3 and AI investment scaling session held in cooperation with SightSea Labs, a leading Vietnamese Web3 venture builder.
While speaking about opportunities of doing business in Dubai, DMCC pointed at state-of-the-art infrastructure like DMCC Crypto Centre, Gaming Centre, and AI Centre as locations that could be used by Vietnamese companies to enter the emirate.
The CEPA Trade Corridor Unleashed by Web3
Ahmed Bin Sulayem, DMCC’s Executive Chairman and CEO, stated:
Vietnam is one of the AI and crypto leaders in the Southeast Asian region, making it a perfect partner for Dubai Web3 market. Applying the new environment after the signing of the UAE-Vietnam CEPA, we are essentially ready to promote maximal growth in trade and investment with this country. To assert this we feel that the attempts being made in Vietnam are cardinal to enhancing both the economic and technological cooperation agreement between the countries.
The Role of DMCC in the Prospective of Dubai as an International Business Destination
This roadshow follows the first DMCC event in Vietnam in June, where 412 businesspersons attended. The actions plans of DMCC are important in creating the the right environment for doing business in Dubai and positioning the city as a global city. DMCC performance in the year 2023, was the second best year with the association, attracting almost 2700 new member companies and providing 15 per cent of the total FDI of Dubai. Today, more than 25,000 companies are located in the DMCC to demonstrate the opportunity of the centre in innovation and international commerce.
