Diversification is the method forward for CIS economies as highlighted by the effective experiences of Dubai, stated experts throughout a panel discussion on the 2nd day of the very first Commonwealth of Independent States Global Business Forum (CIS GBF 2016).

During the panel discussion, HE Hamad Buamim, President and Chief Executive Officer of Dubai Chamber; HE Ghaith Al Ghaith, Chief Executive Officer of flydubai; and Gerard Lawless, Head of Tourism and Hospitality at Dubai Holding and just recently appointed Chairman of World Travel and Tourism Council, shared their personal experiences and the lessons gained from Dubai's successful diversity into a non-oil based economy.

HE Buamim emphasized the value of developing difficult and soft infrastructure to alleviate travel between Dubai and the CIS nations. He likewise called for ensuring innovation and leveraging new and advanced technologies to promote the New Silk Road.

"Dubai Chamber has opened a workplace in Baku and we are open to exploring extra offices. However, while difficult facilities offers the building blocks, soft facilities such as safe, safe and quick visa entry system can significantly enhance trade and tourism traffic." Georgia presently offers visa open door to both UAE residents and nationals, opening up business and leisure travel chances to the country.

Speaking on the transport of items from West China through CIS, HE Buamim highlighted the growing value of creating North-- South trade links. He said that exports of farming fruit and vegetables to Dubai could provide high possible opportunities for CIS countries that are seeking to diversify.

HE Ghaith Al Ghaith said: "The UAE was ahead of the game in being one of the very first countries to recognize the importance of developing links with the CIS. The GCC and CIS countries share a number of resemblances, and Dubai can be an important partner to the CIS, having actually effectively diversified away from oil.

Flydubai currently services 17 cities across five CIS nations, all unfulfilled destinations previously, which has actually opened trade, industrial and leisure tourism substantially to these nations.

Going over the necessary ingredients to building a successful hub, Gerard Lawless, stated, "Establishing a center requires a coordinated cumulative method. This is a suitable time for the CIS countries to examine, reform and re-invent. Improving infrastructure and transparency can open new avenues and assist stimulate the economy.