UAE And Chile Aim To Strengthen Bilateral Ties Through Trade And Investment

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, recently met with Gabriel Boric Font, President of Chile, at Al Shindagha Majlis. The leaders discussed enhancing UAE-Chile relations in trade, investment, and economy to support sustainable development goals.

President Gabriel Boric Font praised the UAE's progress across various sectors. He admired the UAE's efforts to foster international cooperation and expressed Chile's eagerness to strengthen ties with the UAE in diverse areas. He hoped for increased economic collaboration and trade between the two nations.

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During their meeting, His Highness Sheikh Mohammed bin Rashid emphasised the UAE's commitment to deeper cooperation in various fields. He highlighted the importance of global government collaboration for the prosperity of all people. The visit by President Boric and the signing of agreements, including the Comprehensive Economic Partnership Agreement (CEPA), mark a new phase in bilateral relations.

The meeting also addressed regional and global issues of mutual interest. Discussions focused on shared goals regarding climate action and sustainability. Strengthening multilateral efforts to enhance stability, cooperation, and development worldwide was also a key topic.

Since establishing diplomatic relations in 1978, the UAE and Chile have strengthened their ties in political, economic, and cultural fields. Chile opened a trade office in Dubai in 2006 and its embassy in Abu Dhabi in April 2009. The UAE established its embassy in Santiago in June 2011.

The meeting included several high-ranking officials from both countries. From the UAE side were Reem bint Ebrahim Al Hashimy, Minister of State For International Cooperation; Omar Sultan Al Olama, Minister of State for Artificial Intelligence; Helal Saeed Al Marri, Director General of Dubai Department of Economy; Sultan Ahmed bin Sulayem, Chairman of Ports Corporation; Mohammad Ali Rashed Lootah, President of Dubai Chambers; and Mohammed Saeed Al Neyadi, Ambassador to Chile.

Economic Growth

Economic ties between the UAE and Chile have grown steadily over recent years. Several economic agreements have been signed to boost trade. In 2020, trade between the two countries reached around US$281 million. Chile’s main exports to the UAE include potassium nitrate, sodium, wood products, and food items.

The meeting was attended by H.H. Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority; Chairman of Dubai Airports; Chairman and CEO of Emirates Airline Group. They discussed ways to capitalise on investment opportunities given their strategic locations as gateways to regional markets.

From Chile’s side were Alberto van Klaveren, Minister of Foreign Affairs; Nicolás Grau, Minister of Economy; Jessica Lopez Saffie, Minister of Public Works; Aisén Etcheverry, Minister of Science; Patricio Diaz Broughton, Ambassador to the UAE.

Future Prospects

The advancement in relations is expected to boost trade flows and enable both countries to seize commercial opportunities. The focus will be on enhancing cooperation among world governments for global wellbeing.

The UAE exports phones, portable devices, electronic products, and industrial materials to Chile. This exchange highlights the mutual benefits derived from their growing economic partnership.

This meeting signifies a promising future for UAE-Chile relations with potential growth across multiple sectors benefiting both nations' economies.

With inputs from WAM