As the United Arab Emirates continue to lower their country’s economic dependency on oil, new opportunities are on the rise. Czech companies, for whom the UAE are the biggest trading partner in the Persian Gulf, see the upcoming EXPO 2020, a Universal Exposition to be held in Dubai in two years’ time, as a great opportunity to extend trade relations. This week saw a special trade mission, made up of Czech companies, travel to the UAE and explore prospective business deals.
A special delegation, led by the Vice President of the Confederation of Industry of the Czech Republic, Radek Špicar, accompanied the Speaker of the Chamber of Deputies, Radek Vondráček, in his official trip to the United Arab Emirates.
In a press release, Mr. Špicar, explained the importance of the trip.
“The states in the Persian Gulf need help in developing branches of the economy unrelated to oil extraction. The United Arab Emirates are a gateway for Czech companies in this regard. We need to weaken our reliance on exports to the European Union and diversify those countries, where Czech companies export their products.“
Following the declaration of UAE President, Khalifa bin Zayed Al Nahyan, that the country aims to get a satellite into Mars’ orbit in 2021, Czech companies active in the high tech sector have been intent on showcasing their products.
According to Petr Bareš, who is the head of Czech Space Alliance, an industrial association of the Czech space industry, there is much to offer.
“Czech companies can offer a wide range of know-how, ranging from the development of advanced materials, sensors, optical devices as well as software, all the way to satellites, rockets and satellite navigation systems.”
Aside from devices related to the space industry, the representatives sent to the UAE were confident that Czech products in the areas of nano-technology, electro-technology, telecommunications and design, also have a chance to make an impression.
The opportunities were discussed further in a series of business-to-business meetings in Abu-Dhabi and Dubai. Much hope is also being placed into a chance to shine at the Dubai EXPO 2020, the first world exhibition of its kind to take place in the Middle East.
According to the official CzechTrade website businessinfo.cz, Czech exports to the UAE are the second largest in the Middle East, after Israel.