The chairman of the newly formed Dubai International Chamber said on Thursday he is confident about boosting Dubai’s foreign trade to AED2 trillion ($540 billion) within the next five years.

Sultan bin Sulayem said at the first meeting of the chamber, one of the three under the umbrella of Dubai Chambers, will target new international markets and support the expansion of national companies abroad.

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Members discussed priorities and new plans to boost Dubai’s trade with global markets, a statement said.

It added that the board discussed ways to leverage the chamber’s international network to tap into the 30 priority markets, which have been identified as high potential markets that can accelerate the growth of Dubai’s foreign trade.

Bin Sulayem (pictured below) said that trade is the cornerstone of Dubai’s economy and essential for its diversification, adding that the new board will focus its efforts on implementing a new strategy to cement the emirate’s position as global trade hub.

“Through integrated plans, the chamber will target new international markets and support the expansion of national companies abroad. The chamber will also support and integrate global investors, entrepreneurs and talent into Dubai’s flourishing business community within a comprehensive framework that ensures providing an agile pro-business environment,” said Bin Sulayem.

“I am confident that the Dubai International Chamber will not only achieve its new targets but take Dubai’s trade ties with promising markets to the next level. The chamber is already in strong position to achieve its objectives as it can leverage Dubai Chambers’ resources and vast network of international representative offices across Africa, Eurasia and Latin America,” he added.

Dubai International Chamber was established to strengthen partnerships with global corporations, investors and entrepreneurs. Adopting a more specialised approach to driving Dubai’s foreign trade, the chamber will promote the opportunities that the emirate offers in facilitating trade flows.

The chamber was established earlier this year under the directives of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, as part of a recent government restructuring that aims to drive a comprehensive economic development in Dubai.

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