Chile and UAE Deepen Economic Ties with Focus on Sustainability and Innovation

Nicolás Grau, Chile's Minister of Economy, Development, and Tourism, announced that UAE investments in Chile reached approximately US$2 billion in 2023.

The UAE is actively collaborating with Invest Chile, the country's public agency for promoting foreign investment, on various projects across multiple sectors to enhance trade and investment relations.

Speaking to the Emirates News Agency (WAM), Grau highlighted that Chile received nearly $23 billion in foreign direct investments by the end of 2023, marking the highest growth since 2014. He emphasized the UAE's significant investments in Chile and the current efforts to explore further cooperation, particularly in mining, copper, technology, desalination, food production, and energy.

Grau expressed interest in partnering with the UAE on water desalination, especially given Chile's status as a leading copper producer. He also discussed the potential for collaboration in making copper production more environmentally friendly and increasing investment in renewable energy sources. Notably, two-thirds of Chile's energy production currently comes from renewables.

The minister praised the UAE's leadership in renewable energy and expressed a desire to leverage the UAE's expertise in the green economy sector. Chile's natural resources support a shift towards renewable energy, with environmentally friendly sources like wind, solar, and hydroelectric power comprising nearly 50 per cent of total production.

Grau also noted Chile's status as a leading technology hub in Latin America, highlighting the construction of the first subsea cable route connecting South America and Asia-Pacific. This project aims to strengthen technological and economic ties in the region.

News Source: Emirates News Agency