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Dubai International Chamber has underscored the importance of strengthening investment and trade cooperation between the business communities of Dubai and Chile, seizing promising opportunities across all economic sectors following the signing of the Comprehensive Economic Partnership Agreement (CEPA) between the United Arab Emirates and Chile yesterday.
This came during a business forum held today at Dubai Chambers headquarters and attended by His ExcellencyGabriel Boric Font, President of the Republic of Chile, and a high-level government and business delegation. The President of Chile was received byHis Excellency Sultan Ahmed bin Sulayem, Chairman of Dubai International Chamber.
H.E. Gabriel Boric Font highlighted the long-standing ties between the UAE and Chile and the significant progress these relations have made in recent years. He expressed his country's commitment to further expand bilateral relations across various economic fields.
In his welcome address, H.E. Sultan Ahmed bin Sulayem said: "We are committed to providing all the support to Chilean companies to benefit from Dubai’s competitive advantages as a global trade and logistics hub. We are focused on highlighting the promising opportunities offered by Dubai to the business community in Chile, including the latest 'Foodstuffs, Fruits and Vegetables Market', the world's largest logistics hub for the trade of foodstuffs, vegetables, and fruits, which represents a strategic gateway for Chilean food companies seeking to export their products to global markets via Dubai.”
He added: "Non-oil trade between Dubai and Chile reached approximately AED 5.3 billion over the past five years. Cooperation with ProChile marks a significant milestone in fostering these bilateral economic relations and strengthening ties between the business communities in Dubai and Chile. Our international offices in Latin American markets serve as an important investment gateway, supporting the flow of trade and joint investments, and strengthening economic partnerships.”
H.E. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, provided a comprehensive overview of the business opportunities and synergiesbetween Dubai and Chile. The investment opportunities for Dubai investors in Chile include opportunitiesin energy, agriculture and fisheries, food industries, construction, financial services, and retail sectors. He also said that Dubai's FDI in Chile over the past five years have reached US$45 million.
Strategic Memorandum of Understanding
In the presence of H.E. Gabriel Boric Font, H.E. Sultan Ahmed bin Sulayem, and H.E. Alberto van Klaveren, Minister of Foreign Affairs of the Republic of Chile, a Memorandum of Understanding was signed to enhance trade and investment cooperation and economic partnerships between Dubai Chambers and ProChile, the Chilean Exports Promotion Bureau of Chile's Ministry of Foreign Affairs. The agreement was signed by H.E. Mohammad Ali Rashed Lootah, and Ignacio Fernández, General Director of ProChile.
Ignacio Fernández, General Director of ProChile said: "We are very happy to strengthen our trade relationship with the United Arab Emirates, which we believe can become a very important business partner for Chile, as we work on diversifying the goods and services we export to the world as well as the markets that they reach. Dubai Chambers is a key ally for ProChile, as both institutions work to connect exporting companies and facilitate business and bilateral trade. We look forward to the opportunities that this Memorandum of Understanding opens for companies in both of our countries".
Under the MoU, both parties will coordinate events aimed at strengthening ties between exporting companies from Dubai and Chile and supporting the expansion of these companies in both markets by creating promising business opportunities. Both parties will also develop joint initiatives to expand cooperation in the fields of trade, innovation, sustainability, and entrepreneurship.
Furthermore, theMoU will serve to enhance the diversification of the trade of goods and services to increase commercial exchangebetween Dubai and Chile. The agreement also allows economic data to be shared in order to assist companies from both sides to better understand the current conditions and future prospects of local markets in both countries.
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