Small and medium-sized enterprises are playing a vital role in expanding trade ties between the UAE and Caribbean region, according to the heads of chambers of commerce who spoke at the inaugural UAE-Caribbean Cooperation Forum in Dubai earlier today.

During the forum, a panel discussion entitled ‘The Role of the Private Sector in Building a Connected and Competitive Future’ evaluated bilateral business opportunities that could be availed by SMEs in the UAE and Caribbean markets, as well as key sectors and areas where companies on both sides can expand their cooperation.

Joining the panel session were H.E. Hamad Buamim, President and CEO of Dubai Chamber of Commerce and Industry; H.E Mohamed Sharaf, Assistant UAE Minister of Foreign Affairs and International Cooperation for Economic and Trade Affairs; Lloyd Distant, President, Chamber of Commerce, Jamaica; and Roland Hinds, President, Chamber of Industry and Commerce, Trinidad and Tobago.

Among the issues addressed during the session were key challenges facing SMEs in both regions, as well as critical building blocks needed to harness productive relationships between the UAE and Caribbean business communities.

“In the UAE and the Caribbean – and indeed throughout the world – MSMEs are playing and increasingly important role in innovation and economic growth. These smaller business operations are developing new solutions to address challenges such as poverty, inequality and job creation and are a vital source of employment, particularly for women and young people,” said H.E. Buamim.

“MSMEs have a competitive structure that is efficient and flexible, enabling them adapt to change and adopt new mindsets and disruptive technologies that are key to surviving the changes of the Fourth Industrial Revolution. One of Dubai Chamber’s significant functions through its array of programmes and initiatives is to incubate, nurture and facilitate the growth of such smaller commercial operations,” Dubai Chamber’s President & CEO added.

Co-organised by the UAE Ministry of Foreign Affairs and International Cooperation, and Dubai Chamber of Commerce and Industry, and in partnership with the UAE Ministry of Economy and the UAE Ministry of Culture and Knowledge Development, the UAE-Caribbean Cooperation Forum gathered key stakeholders from the public and private sectors to discuss new prospects for expanding bilateral trade and investment.