Dubai Chambers And ProChile Forge New Paths In Trade And Investment Cooperation

In the presence of Gabriel Boric Font, President of Chile, Dubai Chambers and ProChile signed a Memorandum of Understanding (MoU) to boost trade and investment cooperation. This took place during a business forum at Dubai Chambers headquarters, attended by high-level government and business delegations from both countries.

The agreement was signed by Mohammad Ali Rashed Lootah and Ignacio Fernández, Director-General of ProChile. Sultan Ahmed bin Sulayem, Chairman of Dubai International Chamber, and Alberto van Klaveren, Chile's Minister of Foreign Affairs, were also present.

Gabriel Boric Font emphasised the strong ties between the UAE and Chile and noted the progress in their relations. He expressed Chile's commitment to expanding bilateral relations across various economic sectors. Dubai International Chamber highlighted the importance of enhancing investment and trade cooperation between Dubai and Chile following the signing of the Comprehensive Economic Partnership Agreement (CEPA) between the two nations.

Sultan Ahmed bin Sulayem welcomed the attendees, stating, "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." He mentioned that Dubai offers promising opportunities for Chilean businesses, including the 'Foodstuffs, Fruits and Vegetables Market,' which is a strategic gateway for exporting products globally via Dubai.

Mohammad Ali Rashed Lootah provided an overview of business opportunities between Dubai and Chile. Investment prospects for Dubai investors in Chile include energy, agriculture, fisheries, food industries, construction, financial services, and retail sectors. He noted that Dubai's foreign direct investments (FDIs) in Chile over the past five years have reached US$ 45 million.

Ignacio Fernández stated, "We are very happy to strengthen our trade relationship with the United Arab Emirates...Dubai Chambers is a key ally for ProChile." He added that both institutions aim to connect exporting companies and facilitate bilateral trade.

Future Initiatives

The MoU outlines plans for events aimed at strengthening ties between exporting companies from both regions. It supports these companies' expansion by creating business opportunities. Joint initiatives will be developed to expand cooperation in trade, innovation, sustainability, and entrepreneurship.

The agreement also aims to diversify the trade of goods and services between Dubai and Chile. Sharing economic data will help companies understand market conditions better in both countries.

Sultan Ahmed bin Sulayem highlighted that non-oil trade between Dubai and Chile reached approximately AED5.3 billion over the past five years. Cooperation with ProChile marks a significant milestone in fostering bilateral economic relations.

This MoU signifies a step forward in enhancing economic partnerships between Dubai and Chile. It opens new avenues for collaboration across various sectors.

With inputs from WAM