DMCC Announces 21% Rise In Colombian Companies, Bolsters Economic Relations

The Dubai Multi Commodities Centre (DMCC) has reported a 21% increase in Colombian companies joining since the beginning of the year. This brings the total to 23 Colombian firms and over 150 from South America within DMCC.

During its recent Made For Trade Live (MFTL) roadshow in Colombia, DMCC signed a Memorandum of Understanding (MoU) with the Bogota Chamber of Commerce. This partnership aims to enhance economic information exchange and support business growth through targeted initiatives and event promotion.

Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, highlighted Colombia's diverse commodities market. He noted, "Colombia is a richly diverse country with an abundant physical commodities market. Recognised as the largest exporter of coal to the U.S., Colombia is also one of the top producers for emeralds, the second largest coffee producer in Latin America, and a top ten cacao producer. In 2022, Colombia exported USD 2.59 bn in bullion, making it a top 30 gold exporter."

Mohamed Alshamsi, UAE Ambassador to Colombia, praised the collaborative efforts between the two nations. He stated, "The UAE and Colombia are collaboratively building an era of bilateral prosperity, built on a foundation of increased trade and economic activity as well as knowledge and cultural exchange. It is through events such as DMCC’s roadshows that we enhance these concerted efforts, so I congratulate the DMCC team on their efforts here today."

The MFTL roadshow marked DMCC's third visit to Colombia in three years. The focus was on coffee, precious stones, and technology sectors. The roadshow visited Bogota and Medellin to highlight global expansion opportunities for Colombian businesses through Dubai.

Ovidio Claros, Executive President of the Bogota Chamber of Commerce, expressed enthusiasm about the MoU with DMCC. He said, "Our MoU with DMCC has come at an exciting time as our country’s economic ties continue to flourish. Our central aim is to provide Colombian businesses with an array of enterprise initiatives and events that will foster deeper connections and present expansion opportunities into new markets."

Promoting Dubai's Business Appeal

The two MFTL events were held in collaboration with the UAE Embassy in Bogota, the Bogota Chamber of Commerce, and ANDI – the National Business Association of Colombia. Over 400 Colombian business leaders attended to learn about Dubai's commercial appeal and ease of doing business within DMCC’s district.

This initiative aligns with DMCC's strategy to attract more Colombian businesses to Dubai. The country represents a key target market for DMCC’s expansion plans.

Impact on Foreign Direct Investment

DMCC’s roadshow programme plays a crucial role in promoting Dubai as a prime business hub. The series underscores Dubai’s unique value proposition for attracting foreign direct investment (FDI). Notably, DMCC contributes 15% to Dubai’s annual FDI inflows.

In 2023 alone, nearly 2,700 new companies joined DMCC’s business district, marking its second-best year on record. Currently, over 24,000 businesses from around the world operate within DMCC.

The recent UAE-Colombia Comprehensive Economic Partnership Agreement (CEPA) is expected to double non-oil bilateral trade to USD 1 billion within five years. This agreement complements DMCC's strategic partnership with the Bogota Chamber of Commerce.

The collaboration aims to leverage Colombia's commodity-rich market aligned with DMCC’s commodities and Web3 ecosystems.

This growing relationship between UAE and Colombia signifies mutual economic growth opportunities facilitated by enhanced trade agreements and strategic partnerships.

With inputs from WAM