The Dubai Chamber of Commerce and Industry (DCCI) announced the conclusion of the Commonwealth of Independent States (CIS) Global Business Forum (GBF) this week.
A major focus of the event was the development of diversification within a country’s economy in order to improve competitiveness in areas other than oil extraction and production. The economic model of the United Arab Emirates (UAE) was recommended for countries that have heavily invested in oil.
Diversification is important because it allows protection against pricing changes associated with natural resources. The forum also noted that diverse sources of investment have played an important role in the UAE model.
Approximately 1,000 individuals attended, representing 50 countries. During the event, bilateral meetings were facilitated. Attendees discussed cooperation in trade and other economic areas.
“Countries in the CIS region may have a long history and heritage, but are young nations considering that until 25 years back they existed in a different geopolitical system,” Kamran Siddiqi, group executive for CEMA, VISA, UAE, said. “These countries have an educated workforce and have all the ingredients for success, offering plenty of opportunities for investments.”