Head of the Dubai Chamber International Office, Ghana, Cyril Darkwa, has urged local textile companies to adopt a more hands-on approach toward business.
Speaking at the CEO & VIP Roundtable on the Textiles and Fashion Retail Industry, he advised local companies in the textiles industry to develop an approach to business that involves anticipating market and competition changes in advance of their actual occurrence, while making appropriate organisational shifts.
“It is time businesses made things happen, instead of waiting for problems and situations to happen before reacting to them. They have to be ready,” he said.
Mr. Darkwa also advised the companies to go out and find businesses, and build partnerships with others in the industry. He said most well-established and sustainable businesses are built on partnerships made up of shareholders, and these transform into sustainable companies.
“It is time for these local companies to venture out into larger markets to find businesses and create lasting businesses which can stand the test of time,” he added.
He urged the local textile companies to tap into the Dubai Chamber – a platform to build strong relationships with key stakeholders in Ghana and Dubai, examine new business opportunities, and explore new prospects for boosting trade and commerce between Ghana and Dubai.
“What I can say is that there is a US$4billion market out there in Dubai Textile City for the taking. This is something that the textile manufacturers can take advantage of in terms of scaling-up their sales,” he said.
He said: “Ghana is fast-emerging as a key market for the UAE. Several UAE companies are investing in Ghana, especially in sectors like infrastructure, communications and tourism, which reflects on the Ghana government’s efforts to strengthen its economy, attract investors and establish strong partnerships with the private sector.
“Yet we see a lot untapped potential for expanding Dubai-Ghana bilateral non-oil trade beyond the US$1.2billion accounted for in 2017. Retail, fashion and textiles are among the key sectors where bilateral trade and investment flows can be increased, as these areas have grown significantly in both markets over the last few decades.”
He said despite challenges facing the textile industry, there are immense opportunities out there whereby Ghanaians can do more to promote the industry.
He assured participants of the Dubai Chamber’s commitment to providing the needed assistance for Ghanaian companies which aim to enter the Dubai market.
“Dubai Chamber’s Accra office is fully committed to providing guidance and assistance to Ghanaian companies that are keen to enter the Dubai market, while it also identifies business opportunities in Ghana that are of interest to Dubai Chamber members. Through our combined efforts, I am confident that we can work towards new partnerships and pave the way for fruitful cooperation,” he said.
The CEO & VIP Roundtable on Textile and Fashion Retail Industry organised by the Dubai Chamber International Office, Ghana, brought together a number of industry players in the fashion, textile and print industry in Ghana to serve as a forum for engaging with government, the private sector and key development partners on critical issues affecting the textiles and fashion retail industries.
The meeting was aimed at accessing new business opportunities and exploring new prospects for boosting trade relations between Ghana and Dubai.