UAE And Chile Forge Ahead With Economic Collaboration In Key Sectors

Abdullah bin Touq Al Marri, Minister of Economy, recently met with Nicolás Grau, Chile's Minister of Economy, Development, and Tourism. They discussed enhancing economic ties in sectors like tourism, aviation, entrepreneurship, e-commerce, renewable energy, technology, and agriculture.

The UAE and Chile have established strong economic relations. Bin Touq highlighted the sustainable partnerships and agreements between the two nations across various economic and investment domains. He emphasised the importance of these collaborations in fostering mutual growth.

Bin Touq stated, "We consider the Republic of Chile as a valuable economic partner for the UAE in South America, as it boasts a favourable investment environment. We look forward to elevating our economic relations to new heights at both government and private sector levels, as well as exploring promising opportunities in sectors and areas of mutual interest."

The meeting underscored the significance of signing the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Chile. This agreement aims to enhance investment flows, create opportunities, expand trade, and encourage private sector partnerships. It will also facilitate access for companies from both countries to markets in Asia and South America.

Empowering SMEs

The discussions also focused on empowering small and medium-sized enterprises (SMEs). The ministers agreed on introducing new programs to support SMEs in both markets. They highlighted the importance of facilitating SME exports to foreign markets and enabling Chilean entrepreneurs to benefit from the UAE’s business environment.

Tourism Collaboration

Both sides explored ways to enhance cooperation in tourism sub-sectors such as travel and aviation. They discussed launching joint initiatives to promote tourism attractions and historical sites in both countries. These efforts aim to leverage the diverse tourism capabilities of both markets.

Enhancing Bilateral Dialogue

The ministers discussed enhancing dialogue between delegations and trade missions from both nations. This will keep them updated on each side's latest economic policies and legislation. Bin Touq invited his Chilean counterpart to participate in Investopia 2025, scheduled for February 2025. This event offers a platform to discuss strategies for leveraging the UAE's promising prospects for global investors.

The meeting concluded with a commitment to continue strengthening economic cooperation between the UAE and Chile across various sectors. Both ministers expressed optimism about future collaborations that will benefit both nations.

With inputs from WAM