Dubai: “The Gulf”
The Dubai International Chamber has stressed the importance of strengthening investment and trade cooperation between the business communities of Dubai and Chile in order to benefit from promising joint opportunities in all economic sectors following the signing yesterday of the Comprehensive Economic Partnership Agreement between the United Arab Emirates and the Republic of Chile.
This happened during a business forum held today with the participation of Gabriel Boric Font, President of the Republic of Chile, leading a high-level government and investment delegation, where he was received by Sultan Ahmed bin Sulayem, Chairman of the Board of Directors of Dubai World Chamber.
- Economic links
In a speech he delivered at the meeting, Gabriel Boric Font highlighted the depth of relations between the United Arab Emirates and the Republic of Chile and the developments that these relations have experienced in recent years, expressing his country’s willingness to strengthen bilateral relations in various economic fields.
- Presentation of opportunities
Sultan bin Sulayem said in his speech at the forum: “We are committed to providing our full support to Chilean companies to benefit from the exceptional competitive elements that characterize Dubai as a center of international trade and a vital logistics hub on the country’s supply chain map. the world, and present the promising opportunities that Dubai offers to the Chilean business community, including the “Food, Vegetable and Fruit Market” project, the largest logistics zone in the world for the trade of food, vegetables and fruits, which will represent a strategic window for Chilean companies specializing in food products and wishing to export their products to global markets through the Dubai Gate.
Bin Sulayem added: “Dubai’s non-oil trade with Chile over the past 5 years (2019-2023) amounted to approximately Dh5.3 billion. Cooperation with the Chilean Trade Commission “Pro Chile” is a qualitative step to develop these bilateral trade and economic relations and improve ties and relations between the business communities of Dubai and Chile. Our foreign offices in Latin markets are an important gateway that supports the flow of joint investments and strengthens economic partnerships.
- Promising sectors
For his part, Mohammed Ali Rashid Lootah, Director General of Dubai Chambers, delivered a comprehensive introductory presentation at the meeting on the most promising sectors of economic cooperation, highlighting the most significant investment opportunities available to Dubai traders in Chile, including energy, agriculture, fisheries, food industries, construction and construction, in addition to financial services and retail, revealing that Dubai’s investments in Chile over the last 5 years amounted to $45 million.
In the presence of Gabriel Boric Font, President of the Republic of Chile, Sultan Ahmed bin Sulayem, Chairman of the Board of Directors of the Dubai Global Chamber, and Alberto Van Klaveren, Minister of Foreign Affairs of Chile, a Memorandum of Understanding was signed to strengthen trade and investment cooperation and economic partnerships between Dubai Chambers and the Chilean Trade Commission “Pro Chile”, affiliated to the Chilean Ministry of Foreign Affairs.
The agreement was signed by Mohammed Ali Rashid Lootah, Managing Director of Dubai Chambers, and Ignacio Fernandez, Managing Director of the Chilean Commercial Commission “Pro Chile”.
- The United Arab Emirates is an economic partner
Ignacio Fernandez, Director General of the Chilean Trade Commission (Pro Chile), said: “We are pleased to strengthen our trade relations with the United Arab Emirates, as it is an important economic partner of Chile in our efforts to increase our exports of goods and services to the world. We cooperate with the Dubai Chambers as a main partner of “Pro Chile” to work together to connect exporting companies and improve trade relations and intra-trade. We look forward to the promising business opportunities that the MoU will provide to companies from both parties.”
Under the MoU, both parties will jointly coordinate events dedicated to strengthening ties between companies exporting from Dubai and Chile, and support the expansion of these companies in both markets by introducing promising business opportunities, in addition to developing joint initiatives to expand cooperation in the areas of trade, innovation, sustainability and entrepreneurship.
The MoU includes improving the diversity of trade in goods and services between Dubai and Chile and contributing to increasing the volume of trade, in addition to sharing economic data to help companies on both sides familiarize themselves with the reality and prospects of the local markets in Dubai and Chile.