Wednesday 27 September 2023

Hamad Buamim

Dubai Chamber partners with ICC, Perlin

DUBAI, July 1, 2019

Dubai Chamber of Commerce and Industry has signed a memorandum of understanding (MoU) with the International Chamber of Commerce (ICC) and Perlin to boost the adoption of blockchain trade solutions.

The MoU makes Dubai the first chamber of commerce in the world to offer innovative blockchain solutions developed by ICC and Perlin’s Centre of Future Trade (CoFT) to its members and regional partners, said a statement.

Under the terms of the agreement, Dubai Chamber has exclusive rights to provide CoFT blockchain trade solutions to businesses in the Middle East and Africa region, it said.

The solutions offer many benefits and competitive advantages to companies, including improved trade processes, reduced risks, better traceability of supply chains and enhanced competitiveness, it added.

The cutting-edge solutions will support Dubai Chamber’s Digital Silk Road platform, a Dubai 10X initiative that puts the emirate at the forefront of trade innovation as it joins a handful of cities such as Singapore, Hong Kong and Rotterdam which are leveraging blockchain technology to advance trade systems.

Hamad Buamim, president and chief executive officer of Dubai Chamber of Commerce and Industry and chairman of the ICC - World Chambers Federation (WCF) described the partnership as a major step forward in removing trade barriers, improving supply chain efficiency and boosting the participation of MSMEs in global trade, adding that these objectives remain top priorities for the WCF.

“We are proud to be the first chamber in the world to adopt and offer state-of-the-art blockchain solutions that simplify trade, improve ease of doing business and enhance economic competitiveness. This technology introduces plenty of far-reaching benefits for our members and regional partners, while it also has the potential to revolutionise the global trade landscape,” he said.

For his part, John W H Denton, secretary general of the ICC, said: “ICC is committed to helping business chambers and enterprises all over the world to access best-in-class technology in an ever-changing and dynamic landscape for global trade.”

“With the highly respected Dubai Chamber helping to grow awareness for the pioneering technology developed by our Centre of Future Trade, we expect substantial industry adoption in their regions of influence,” he said.

Dorjee Sun, chief executive officer of Perlin, said: “Working with ICC, Singapore Government and extremely active business organisations like the Dubai Chamber, Perlin will help enterprises integrate world-leading blockchain technology into their operations.”

“This includes helping enterprises of all sizes – from multinationals to micro-, small- and medium-sized businesses across all industries – to better participate in the global economy,” Sun added. – TradeArabia News Service


More Industry, Logistics & Shipping Stories

calendarCalendar of Events