Jochen Knecht, the CEO of IFZA, says the collaboration with BVMW will connect German SMEs with the UAE market, providing a reliable support system for German businesses looking to expand internationally

Can you please tell us more about your partnership with BVMW?
IFZA has partnered with the Bundesverband mittelständische Wirtschaft e.V (BVMW), the German Federal Association of Small and Medium-Sized Businesses. As the official representative of BVMW in Dubai. IFZA will open an office in the city to support the growing number of German businesses establishing operations in Dubai.

This collaboration forms an important step in IFZA’s growth strategy, aligned with the Dubai Government’s initiative D33 of bringing international businesses to Dubai to support the growth of the economy. With this partnership, we have uniquely positioned ourselves as the preferred option for German businesses looking to expand and internationalise in the UAE. We aim to facilitate opportunities for small and medium-sized enterprises (SMEs) between Germany and the UAE.

We have been serving the German market successfully over the years, and this partnership takes that relationship a step further. Our strategic partnership with BVMW is a key component in IFZA becoming the solution for German businesses looking to expand to Dubai and beyond.

How do you plan to bring German businesses to the regional market?
A core component of our internationalization strategy is to expand through offices in strategic locations, enhancing business opportunities and attracting investments. By establishing a local presence in key markets, we aim to facilitate a smoother entry into the UAE for global entrepreneurs.

Our collaboration with BVMW will connect German SMEs with the UAE market, providing a reliable support system for German businesses looking to expand internationally. This partnership will also facilitate connections between German companies and potential regional partners through our extensive network.

IFZA office in Frankfurt will serve as a gateway for German businesses, offering seamless market entry into the UAE. Our initiatives are designed to provide crucial and comprehensive support to SMEs and startups, including legal assistance, logistical support, and business advisory services, to ease the setup process for businesses and help them thrive in the regional market.

What sort of boost will it provide to the local economy?
New businesses bring not only new products and services but also fresh talent into the market. Entrepreneurs and new ventures catalyse key shifts in the economy, driving productivity and ultimately raising living standards across the board. Entrepreneurial activity is thus a crucial component of economic development.

IFZA’s ecosystem is supported by over 1,500 partners. Our collaboration with government and financial institutions acts as a bridge, connecting international businesses to new opportunities and markets. These comprehensive partnerships open doors for international businesses to expand into our market, further fuelling trade and FDI opportunities. It is highly rewarding for us to see the sectors we support thrive.

In terms of contributing to the UAE’s economic growth, IFZA is committed to nurturing a vibrant and dynamic startup and SME ecosystem. This ecosystem attracts investment, drives job creation, and fosters innovation across various industries. By facilitating the growth of startups and enabling them to realize their full potential, we aim to play a significant role in shaping the future of the UAE’s economy.

Will this partnership cover all industry verticals?
The partnership between IFZA and BVMW aims to support a wide array of industry verticals. While there are no limitations on the types of industries, the collaboration will particularly focus on sectors where small and medium-sized enterprises (SMEs) show significant involvement and growth potential. These sectors include Technology and IT, Manufacturing, Healthcare and Biotechnology, Renewable Energy and Sustainability, Logistics and Supply Chain, Finance and Fintech, Education and Training, Retail and E-commerce and many more. This approach ensures that the partnership can adapt to the evolving needs of SMEs across various industries, fostering innovation and economic growth.

What sort of milestones do you have in mind for 2024?
Looking ahead, our goals are to attract more Foreign Direct Investment (FDI) and nurture a vibrant SME sector. We plan to rapidly expand our ecosystem and establish a global network of partners in key destinations worldwide. We aim to significantly enhance our support for startups by offering an even more comprehensive range of resources. We will focus on empowering startups to scale and thrive in a competitive global landscape, with particular emphasis on leveraging emerging technologies and fostering sustainable business practices. We envision IFZA as the go-to destination for entrepreneurs seeking to establish and grow their ventures in the UAE, providing them with the necessary tools and support to succeed.