Dubai International Chamber Calls for Trade Cooperation and Economic Partnership with Chile

(MENAFN-BCW Global)
Dubai, UAE – The Dubai International Chamber has underlined the importance of strengthening investment and trade cooperation between the Dubai and Chilean business communities, capitalising on 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 took place during a business forum held today at Dubai Chambers, attended by His Excellency Gabriel Boric Font, President of the Republic of Chile, and a high-level delegation from government and business. The President of Chile was received by His Excellency Sultan Ahmed bin Sulayem, Chairman of Dubai International Chamber.

HE Gabriel Boric Font highlighted the long-standing ties between the UAE and Chile and the significant progress made in recent years. He expressed his country’s commitment to further expanding bilateral relations in various economic sectors.

In his welcome speech, HE Sultan Ahmed bin Sulayem said: “We are committed to providing all support to Chilean companies so that they can benefit from the competitive advantages of Dubai as a global trade and logistics hub. We focus on highlighting the promising opportunities that Dubai offers to the Chilean business community, including the newest “Foodstuffs, Fruits and Vegetables Market”, the world’s largest logistics hub for the trade of food, vegetables and fruits, which serves as a strategic gateway for Chilean food companies looking to export their products to global markets via Dubai.”

He added: “Non-oil trade between Dubai and Chile has reached approximately AED 5.3 billion over the past five years. This partnership with ProChile marks a significant milestone in developing 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.”

HE Mohammad Ali Rashed Lootah, Chairman and CEO of Dubai Chambers, gave a comprehensive overview of business opportunities and synergies between Dubai and Chile. Investment opportunities for Dubai investors in Chile include opportunities in the energy sector, agriculture and fisheries, food industry, construction, financial services and retail. He also said that Dubai’s foreign direct investment in Chile has reached US$45 million in the last five years.

Strategic agreement
In the presence of HE Gabriel Boric Fonta, HE Sultan Ahmed bin Sulayem and HE Alberto van Klaveren, Minister of Foreign Affairs of the Republic of Chile, a Memorandum of Understanding was signed to strengthen trade and investment cooperation and economic partnerships between Dubai Chambers and ProChile, the Chilean export promotion office of the Chilean Ministry of Foreign Affairs. The agreement was signed by HE Mohammad Ali Rashed Lootah and Ignacio Fernández, General Director of ProChile.

Ignacio Fernández, CEO of ProChile, said: “We are very happy to strengthen our trade relations with the United Arab Emirates, which we believe can become a very important business partner for Chile as we work to diversify the goods and services we export to the world, as well as the markets they reach. Dubai Chambers is a key ally for ProChile as both institutions work to connect exporting companies and facilitate bilateral business and trade. We look forward to the opportunities this Memorandum of Understanding opens up for companies in both our countries.”

Under the MoU, both sides will coordinate events aimed at strengthening ties between Dubai and Chilean exporting companies and supporting their expansion in both markets by creating promising business opportunities. Both sides will also develop joint initiatives to expand cooperation in the areas of trade, innovation, sustainable development and entrepreneurship.

In addition, the MoU will serve to enhance the diversification of trade in goods and services in order to increase trade between Dubai and Chile. The agreement also allows for the sharing of economic data to help companies from both sides better understand the current conditions and future prospects of the local markets in both countries.

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