Dubai International Chamber Advocates for Enhanced Trade and Economic Partnerships with Chile

Government

Dubai International Chamber Advocates for Enhanced Trade and Economic Partnerships with Chile

The Dubai International Chamber has emphasized the importance of strengthening investment and trade cooperation between Dubai and Chile, following the recent signing of the Comprehensive Economic Partnership Agreement (CEPA) between the United Arab Emirates and Chile. This was highlighted during a business forum at the Dubai Chambers headquarters, attended by His Excellency Gabriel Boric Font, President of the Republic of Chile, and a high-level government and business delegation.

H.E. Sultan Ahmed bin Sulayem, Chairman of the Dubai International Chamber, welcomed the Chilean delegation and underscored Dubai's commitment to supporting Chilean companies in leveraging Dubai’s position as a global trade and logistics hub. "We are dedicated to providing all the support needed for Chilean companies to benefit from Dubai's competitive advantages," he said. He also highlighted the "Foodstuffs, Fruits and Vegetables Market," the world's largest logistics hub for these products, as a strategic entry point for Chilean food companies aiming to reach global markets through Dubai.

Over the past five years, non-oil trade between Dubai and Chile has reached approximately AED 5.3 billion, marking a significant milestone in bilateral economic relations. The cooperation with ProChile, the Chilean Exports Promotion Bureau, is seen as a key driver in fostering these relations and enhancing the business connections between the two regions.

H.E. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, outlined the investment opportunities for Dubai investors in Chile, particularly in sectors such as energy, agriculture, fisheries, food industries, construction, financial services, and retail. He noted that Dubai's foreign direct investment (FDI) in Chile has reached US$ 45 million over the past five years.

During the forum, a Memorandum of Understanding (MoU) was signed between Dubai Chambers and ProChile, witnessed by President Gabriel Boric Font, H.E. Sultan Ahmed bin Sulayem, and H.E. Alberto van Klaveren, Minister of Foreign Affairs of Chile. The MoU, signed by H.E. Mohammad Ali Rashed Lootah and Ignacio Fernández, General Director of ProChile, aims to enhance trade and investment cooperation and economic partnerships.

Ignacio Fernández expressed his enthusiasm for the strengthened trade relationship, stating, "We are very happy to enhance our trade relationship with the UAE, which we believe can become a very important business partner for Chile. This MoU opens new opportunities for companies in both countries, as Dubai Chambers and ProChile work together to facilitate business and bilateral trade."

The MoU will facilitate events aimed at strengthening ties between exporting companies from Dubai and Chile and supporting the expansion of these companies in both markets. It also outlines joint initiatives to enhance cooperation in trade, innovation, sustainability, and entrepreneurship. Additionally, the agreement will help diversify the trade of goods and services and increase commercial exchange between the two regions, providing valuable economic data to assist companies in understanding the local market conditions and future prospects.