Mr.Nkinzo and H.E.,Mr.Fahad
UAE-DRC Economic Diplomacy Deepens
…….As they sign MOU, to prosper together
Story: Mohammed Abu, ADM, Accra.
On the sidelines of the on-going Expo 2020 Dubai event in Dubai, UAE, the country and the Democratic Republic of Congo (DRC) has recently signed a Memorandum of Understanding that seeks to promote the expansion of trade and investment between them.
The DRC’s National Investments Promotion Agency of the DRC (ANAPI), Director General, Mr. Anthony Nkinzo Kamole, signed for his institution whiles the Dubai Investment Development Agency (Dubai FDI)’s Chief Executive Officer, His Excellency Mr. Fahad Al Gergawi also penciled for his institution establishing the legal framework for collaboration between their two institutions.
This agreement establishes the principles and the basis of an increased technical and commercial cooperation between ANAPI and Dubai FDI, and aims especially at the reinforcement of the economic links of business between the DRC and the United Arab Emirates, notably at the level of the private sector of both countries.
“The two countries enjoy a growing bilateral relationship, which is a foundation for promoting business and investment opportunities, in line with the country’s economic growth strategy. The agreement will enable greater collaboration and set the stage for successful business endeavors. It will support private and public sector participation in enhancing trade flows and investments. We can learn from each other by sharing information on best practice, which is necessary to accelerate the pace of global post-pandemic recovery,” said His Excellency Fahad Al Gergawi, Chief Executive Officer of the Dubai Investment Development Agency (Dubai FDI), an agency of Dubai Economy.
The Director General of ANAPI, Mr. Anthony Nkinzo Kamole, on his part, reaffirmed the willingness of his institution to move forward quickly with his Emirati counterpart on concrete projects in various sectors of the economy such as mining, hydrocarbons, infrastructure, energy, tourism, digital, and particularly in the definition of a food security policy for the DRC, taking advantage of the proven expertise of the United Arab Emirates in this area.
ANAPI and Dubai FDI, committed to, among others, encourage, promote and facilitate investment and development cooperation between their business communities in the mutual interest of both parties and in accordance to the laws and regulations of each respective country; exchange economic information, statistics, trade databases, publications, as well as laws and regulations governing economic and trade activities for their respective business communities; and jointly, participate in the organization of events, exhibitions and business road shows.
The signing of the MOU comes on the back of a recent short official visit of the President of the DRC Republic, His Excellency Mr. Félix A. Tshisekedi to the United Arab Emirates.
During the visit, several bilateral cooperation agreements were signed between the two countries. These agreements most notably were, the non-double taxation, the customs cooperation, the promotion and the protection of investments and the creation of a joint Commission Democratic Republic of Congo – United Arab Emirates.
An agreement between the Emaar Company and the Congolese Ministries of Urbanism and Housing and Land Affairs was also signed by the sectoral Ministers.
The Emirati Company Masdar and the Congolese Ministry of Electricity and Hydraulic Resources had also concluded a Memorandum of Understanding, as well as the Dubai Chamber and the Federation of Enterprises of Congo (FEC).
In addition to the various MOUs, the United Arab Emirates has committed to invest US$1 billion in the DRC and has made a direct donation of thirty tactical armored vehicles for the fighting troops of the Armed Forces of the Democratic Republic of Congo.
Future prospects
ANAPI and Dubai FDI plan to consult regularly, working together on policy, advocacy, and business development efforts. By working more closely together, the two organizations hope to strengthen the growing trade and investment relationship between the DRC and the UAE by creating an ongoing dialogue between Emirati and Congolese economic operators. This interaction will also enable UAE companies to support the DRC’s economic diversification program through skills development and technology transfer.
Dubai FDI, part of the Dubai Economic Development Department, is the government agency responsible for promoting foreign investment in the emirate of Dubai, managing its investment environment, and overseeing policy development to promote Dubai as an investment destination. It provides essential information and invaluable support to foreign companies wishing to invest in Dubai’s thriving economy and benefit from its global strategic importance.
ANAPI, on the other hand, is a public institution of a technical nature, under the supervision of the Ministry of Planning. It has four fundamental missions: to promote the image of the DRC; to promote specific investment opportunities; to advocate for the improvement of the business climate; and to provide administrative support to investors who decide to establish or expand their economic activities in the DRC. These promotional activities affect all sectors of the national economy.
